Bitcoin hashrate hits three-week low as miner reserves decline

Bitcoin's network hashrate has declined to a three-week low, with the seven-day moving average falling to approximately 915.8 EH/s as of September 26. This represents a decrease of roughly 34.86 million TH/s compared to the previous week, marking the lowest level since early September.

Simultaneously, Bitcoin miner reserves saw a reduction of 1,530 BTC over a seven-day period, bringing total miner holdings to approximately 1.19 million BTC. Data from various sources, including Mempool and CoinWarz, indicate that network computing power has fluctuated significantly throughout the month, dropping below the one zettahash threshold after peaking earlier in September.

Industry analysts suggest this trend may be part of a broader pullback. Raphael Zagury, CEO of 21 Capital, characterized the current period as a ‘hashrate bear market,’ noting that network computing power has dropped between 22% and 24% from previous records. Some of this reduction is attributed to miners shifting electricity and capital toward artificial intelligence applications.