Bitcoin Hash Rate Drops Amid Miner Reserve Decline
The Bitcoin network's computing power has taken a hit as miner reserves dropped by 1,530 BTC in just one week.
The seven-day moving average of Bitcoin's hash rate fell to 915.8 EH/s on September 26, its lowest level since around September 3.
This decline marks the second drop in network computing power this month, with the hashrate falling by 34.86 million TH/s from September 19 levels.
Raphael Zagury, CEO of 21 Capital, attributed part of the reduction to miners moving electricity and capital to artificial intelligence (AI) computing, which is impacting distribution of electricity and infrastructure.
Hyperscale Data stopped Bitcoin mining at its Michigan facility on September 1 to set up for an AI computing contract, while other operators are also shifting resources to AI contracts.