Bitcoin Hashrate Drops Amid Mining Industry Shift Towards AI

Bitcoin's network hashrate has dropped by about 17% from its record high, marking increasing pressure on mining economics.

The decline comes as publicly traded miners redirect power towards AI and high-performance computing, with over $70 billion in announced contracts across the sector.

Hut 8's AI data center portfolio now holds a staggering $26.6 billion in aggregate base-term contract value, highlighting the potential for mining infrastructure to unlock a second revenue stream.