To what extent is the decline in hashrate a threat?

Hi,

As most of you probably know, ethereum's hashrate is currently declining:

https://i.redd.it/wn01ihym4xe21.png

A few hours ago I didn't really know what this actually meant, and I'm still not absolutely convinced I understand all the causes and potential consequences.

Can someone please give an educated view about why this is happening, what will happen if it goes further, and what can be done to solve this problem?

Cheers

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