Bitcoin Miners' Hashrate Plunges Amid Shift to AI Infrastructure

Publicly traded Bitcoin miners have been cutting their mining capacity at a faster rate than the overall Bitcoin network, according to BlocksBridge Consulting's latest Miner Weekly newsletter. The realized hashrate among this cohort of miners fell from 368.3 exahashes per second (EH/s) in Q4 2025 to 319 EH/s in Q2 2026, a decline of 13.4%. This contraction was even sharper when excluding Bitdeer, which expanded its mining operations during the same period.

The cohort's realized hashrate fell by 21.2% over the six-month period without Bitdeer, from 324.6 EH/s to 255.9 EH/s. Meanwhile, Bitdeer's realized hashrate increased by 44% to 63 EH/s. By comparison, the Bitcoin network's average hashrate declined 10.6% over the same period.

The shift comes as more miners report a growing share of revenue from non-mining activities. Core Scientific generated $136.7 million in colocation revenue during Q2, compared with just $27.5 million from Bitcoin mining. TeraWulf reported $31.9 million in HPC lease revenue, compared with $12.8 million from mining.

Core Scientific and TeraWulf are now generating the majority of their revenue from non-mining activities, while Riot Platforms and Bitdeer remain early in the transition, with Bitcoin mining continuing to account for the vast majority of their revenue.