Public Bitcoin Miners Cut Hashrate by 21% Over Three Quarters

cryptonews.ruPublished on 2026-08-14Last updated on 2026-08-14

Abstract

Over the past nine months, the realized hash rate of a group of public bitcoin miners (excluding Bitdeer) has fallen by 21.2%, dropping from 368.3 EH/s in Q4 2025 to 319.0 EH/s in Q2 2026. According to MinerWeekly, companies are reducing mining capacity to shift resources towards AI and high-performance computing (HPC) infrastructure. While the overall Bitcoin network's hash rate also declined, the drop was softer at 10.6%, decreasing from an average of 1,071 EH/s in Q4 2025 to 957 EH/s in Q2 2026. Bitdeer notably offset industry trends, increasing its realized hash rate by 44% to 63 EH/s. Analysts attribute the shift to growing revenue from colocation and AI compute services. For example, in Q2 2026, Core Scientific earned $136.7 million from additional deployments versus $27.5 million from bitcoin mining. Similarly, TeraWulf generated $31.9 million (71% of its total) from HPC leasing, compared to $12.8 million from mining. However, the transition is uneven, with companies like Riot Platforms and Bitdeer still deriving most revenue from mining-related activities. The current downturn is characterized as a result of weak mining economics and competition for capital and electricity from AI workloads. The report recalls a similar, though temporary, hash rate decline following China's mining ban in June 2021.

Over the past nine months, the realized hashrate of a group of public bitcoin miners, excluding Bitdeer, has fallen by 21.2%. Such estimates are provided by MinerWeekly.

The aggregate indicator decreased from 368.3 EH/s in the fourth quarter of 2025 to 319.0 EH/s in the second quarter of 2026.

Analysts from the magazine claim that first cryptocurrency mining companies are reducing capacity to relocate it to AI and HPC infrastructure.

Source: MinerWeekly.

The indicators of the Bitcoin network itself have declined more gently. The average quarterly hashrate was 1,071 EH/s in Q4 2025, 993 EH/s in Q1 2026, and 957 EH/s in Q2.

The total decrease reached only 10.6%. Bitdeer provides the key divergence.

MinerWeekly noted that some companies were winding down mining faster than others could increase capacity.

Bitdeer, on the contrary, compensated for the shortfalls: its realized hashrate increased by 44% — to 63 EH/s.

Reasons for the Decline

The authors associate the shift with growing revenue from colocation and computational infrastructure for AI. In the second quarter, Core Scientific received $136.7 million from additional placements compared to $27.5 million from bitcoin mining.

TeraWulf's revenue from HPC leasing reached $31.9 million (71% of the total), while mining brought in $12.8 million.

The transition looks weaker for other miners. Riot Platforms reported $23.2 million in revenue from data centers against $113.7 million from mining. Bitdeer received $14 million from cloud AI services and $197.1 million from mining-related areas.

Hut 8 and MARA indicated a smaller contribution from computational services, while Cipher and Keel Infrastructure have not yet recorded revenue from HPC.

Experts characterized the current downturn as an effect of weak mining economics and competition for capital and electricity from AI loads.

MinerWeekly recalled that after the mining ban in China in June 2021, the network's hashrate briefly fell to 57.5 EH/s and almost recovered by December.

Recall that in August 2026, bitcoin miners' revenue from fees fell to a 10-year low.

Capitulation or Evolution: Why Miners Are Betting on Artificial Intelligence
end-content

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Related Questions

QWhat was the overall percentage decrease in the realized hash rate of public Bitcoin miners (excluding Bitdeer) over the three reported quarters?

AThe realized hash rate for public Bitcoin miners, excluding Bitdeer, decreased by 21.2% over the three quarters from Q4 2025 to Q2 2026.

QHow did Bitdeer's hash rate performance compare to the broader group of public miners in the same period?

AIn contrast to the overall group's decline, Bitdeer's realized hash rate increased by 44%, reaching 63 EH/s in Q2 2026.

QWhat are the two main reasons cited by MinerWeekly analysts for the shift in focus among mining companies?

AAnalysts cite the growing revenue from colocation and computational infrastructure for AI/HPC, as well as the weak economics of mining and competition for capital and electricity from AI workloads.

QWhich company had the most significant revenue disparity between its AI/HPC services and Bitcoin mining in Q2 2026, according to the article?

ACore Scientific had the most significant disparity, generating $136.7 million from colocation services compared to $27.5 million from Bitcoin mining in Q2 2026.

QWhat historical event does MinerWeekly reference to contextualize the current hash rate decline?

AMinerWeekly references China's ban on mining in June 2021, after which the network hash rate briefly fell to 57.5 EH/s before nearly recovering by December of that year.

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