Bitcoin hashrate falls 6.3% as mining capital shifts toward AI
Bitcoin hashrate falls 6.3% as mining capital shifts toward AI.
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Hashrate Index reported Thursday that Bitcoin's 30-day average network hashrate fell 6.3% quarter over quarter to about 940 EH/s, roughly 12% below the December 2025 peak of 1,066 EH/s.
The contraction follows a decline of 1,066 EH/s in Q1 to 1,004 EH/s in Q2, making Q3 the second consecutive quarterly drop. Hashrate Index attributed the decline primarily to weak mining economics, with the shift toward AI/HPC infrastructure adding longer-term pressure.
"This is a structural shift, not just a cyclical low," Ethan Vera, chief operating officer of Luxor, said in the report. "Miners everywhere are being revalued as energy and AI infrastructure, and with mining margins compressed and AI economics far stronger, that's where the capital is heading."
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Hashprice was still in the low-$30s per PH/s per day, leaving many operators at or under breakeven once power prices and fleet efficiency are factored in. By mid-2026, bitcoin was trading in the low-$60,000s, roughly 50% under its October 2025 peak near $126,000, which cut miner revenue while operating expenses stayed elevated, Hashrate Index said.
"It comes down to efficiency," Vera said. "Operators with the newest hardware and cheapest power can still mine profitably through a low hashprice; those on older machines are usually better off curtailing until it recovers."
The United States retained the largest national share of hashrate at 36.7%, or approximately 345 EH/s, according to Hashrate Index. Its estimated output declined by 30 EH/s, or 8%, during the quarter, making the country the largest contributor to the network's overall reduction.
Russia ranked second with 17.2%, or about 162 EH/s, after losing an estimated 8 EH/s. China held third place at 12.2%, equivalent to roughly 115 EH/s. Together, the top three countries accounted for approximately 66% of global hashrate, broadly unchanged from Q2.
For the first time in the heatmap series, Kazakhstan fell out of the top 10, slipping to 11th with about 15 EH/s. Norway moved into the ranking at roughly 16 EH/s because its hashrate stayed flat while capacity shrank elsewhere.
Paraguay ranked fourth with 4.7% of global hashrate. The United Arab Emirates followed with 3%, while Oman, Canada, Ethiopia and Indonesia occupied the next four positions.
Public mining companies have said they have more than $70 billion in cumulative AI/HPC contracts, according to a Q1 2026 CoinShares mining report . CoinShares said listed miners could bring in as much as 70% of revenue from AI by the end of 2026, up from about 30% when it released the report.
The economics require much heavier investment than conventional mining. CoinShares estimated that Bitcoin-mining infrastructure costs between $700,000 and $1 million per megawatt, compared with $8 million to $15 million per megawatt for AI infrastructure.
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