Bitcoin Miners' $1.5 Billion Hashrate Decline in 2026

Bitcoin miners saw a significant decline in their estimated hashrate in the first half of 2026, with a loss of 75 exahashes per second (EH/s). This decline in hashrate is estimated to be equivalent to $1.5 billion in mining machines, based on an assumed price of $20 per terahash per second (TH/s).

The estimate only accounts for the value of the mining capacity and does not include other infrastructure such as buildings and electrical systems. It also does not reflect actual sales or losses incurred by miners. Several publicly traded companies have reported significant losses related to mining equipment and infrastructure, including Cipher Digital, which recorded a $96.1 million loss after transitioning its Black Pearl site to high-performance computing.

Core Scientific also reported $266.5 million in charges for impaired mining equipment and infrastructure in the first six months of 2026. The decline in hashrate is attributed to lower Bitcoin prices, reduced mining revenue per unit of hashrate, and declining secondary-market equipment values. The shift to high-performance computing may bring better returns, but the financial outcome depends on various factors, including how much value is recovered from displaced equipment and conversion costs.