So the bitcoin block reward just dropped from 50btc to 25btc. I thought the hash rate would drop pretty quickly as many mining rigs became instantly unprofitable. But it looks like the hash rate is actually *increasing* and is sitting at around 28 thash / sec.

Is there a lag because a lot of people don't realize we've hit halving day? Or maybe a lot of miners don't pay for their electricity and it's all about sunk costs?