Bitcoin network hashrate and mining trends

The Bitcoin network hashrate experienced significant volatility in late 2026. In late September, the seven-day moving average fell to a three-week low of approximately 915.8 EH/s, a decrease of roughly 34.86 million TH/s from the previous week. During this period, miner reserves also declined by 1,530 BTC. Industry analysts described this phase as a ‘hashrate bear market,’ noting that some miners were shifting capital and electricity toward artificial intelligence applications.

By late October, the network hashrate rebounded, with the seven-day average climbing above 1 zettahash per second (ZH/s), reaching its highest level since March 3. This surge occurred despite a 23% decline in realized hashrate from major publicly traded mining companies, which have seen a 52% quarterly increase in AI-related revenue. The overall network capacity is being replenished by other operators, including smaller and mid-sized miners who are absorbing displaced capacity by deploying secondhand hardware, such as Antminer S21 XP machines, in regions like Paraguay and Texas.

On October 16, mining difficulty increased by 5.92% to 140.58 trillion, with projections suggesting another increase of approximately 5.16% at the next adjustment. This rapid rise in difficulty is compressing ‘hashprice’—the revenue earned per unit of hashrate—from roughly $40 to $36.75 per petahash per day. This trend is creating profitability challenges for mid-tier operators and those utilizing older hardware, particularly those with electricity costs exceeding 8 cents per kilowatt-hour.