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Bitcoin hashrate faces decade-long drought as miners pivot to AI
Bitcoin network hashrate has remained below record levels for 316 days, marking the longest period without a new high in a decade. Despite a rally in Bitcoin's price, which reached levels above $81,000, the network's computing power has not seen a corresponding recovery.
Raphael Zagury, CEO of Twenty One Capital, describes this phenomenon as Bitcoin’s first sustained ‘economic hashrate bear market.’ Unlike the 2021 China mining ban, which was a geographic relocation shock, the current decline is driven by economic factors. Miners are increasingly redirecting their capital, electricity, and data center infrastructure toward artificial intelligence (AI) and high-performance computing (HPC) workloads, which offer more attractive returns.
While Bitcoin miners captured approximately $1 billion in revenue during August due to rising prices, the underlying economics remain strained. The divergence between rising prices and falling hashrate is only the second such occurrence since 2012. Industry metrics like hashprice and the Puell Multiple indicate that mining profitability remains under pressure, as competition for power intensifies between cryptocurrency mining and the growing demand for AI infrastructure.
Entities
Bitcoin · MARA · Raphael Zagury · Twenty One Capital · VanEck
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] MARA reported quarterly revenue of $174.9 million in Q2 2026. bitcoinethereumnews.com
- [● 2 SOURCES] The current period represents Bitcoin’s first sustained economic hashrate bear market. bitcoinethereumnews.com · cryptoslate.com
- [● 2 SOURCES] The seven-day network average was near 914 EH/s on August 31. bitcoinethereumnews.com · cryptoslate.com
- [● 3 SOURCES] Miners are redirecting power and data-center capacity toward artificial intelligence and high-performance computing. bitcoinethereumnews.com · cryptoslate.com
- [○ 1 SOURCE] MARA’s energized mining hashrate rose 22% year over year to 70.3 EH/s in Q2 2026. bitcoinethereumnews.com
- [● 2 SOURCES] The Puell Multiple averaged about 0.73 over the preceding 30 days. bitcoinethereumnews.com · cryptoslate.com
- [● 2 SOURCES] Bitcoin hashrate fell 10.1% while BTC price rallied 34.9% from late June through late August. bitcoinethereumnews.com · cryptoslate.com
- [● 2 SOURCES] Bitcoin has spent 316 days below its record hashrate. bitcoinethereumnews.com · cryptoslate.com