Bitcoin Hashrate Remains Below Record Amid Shift Towards AI
Bitcoin's hashrate has been below its record for 316 days, marking the longest period in a decade. This decline is attributed to weak mining economics, summer power curtailments, and a growing shift towards artificial intelligence (AI) and high-performance computing.
The recent Bitcoin price rally of 34.9% from late June to late August was expected to revive mining, but the response has been much weaker than usual. The network's seven-day average hashrate stood at 914 exahashes per second on August 31, about 20.6% below its October 2025 peak.
Some miners have redirected power towards AI projects, with Twenty One Capital CEO Raphael Zagury describing the episode as Bitcoin's first sustained 'economic hashrate bear market.' The shift in focus is changing the economics of mining recovery, making it harder to restore the network's late-2025 peak.