Public bitcoin miners have reduced their hash rate by 21%: the bet on AI is changing the industry
An analysis of the dynamics of public bitcoin miners over the past three quarters reveals a troubling trend: the group's realized hashrate (excluding Bitdeer) has declined by 21.2%. The aggregate figure fell from 368.3 EH/s in Q4 2025 to 319.0 EH/s in Q2 2026. This is not merely a correction but a systemic shift driven by companies reorienting toward high-margin segments.
The key driver is the massive relocation of capacity into infrastructure for artificial intelligence (AI) and high-performance computing (HPC). Data show that the bitcoin network as a whole has declined more gently: the average quarterly hashrate fell from 1,071 EH/s to 957 EH/s, or by 10.6%. This gap is explained by the fact that some players wound down mining faster than others ramped it up. A striking example is Bitdeer, which offset the overall decline by increasing its realized hashrate by 44% to 63 EH/s.
Financial contours of the transition
The shift in priorities is clearly visible in financial reports. In Q2, Core Scientific earned $136.7 million from AI colocation, while mining brought in only $27.5 million. TeraWulf's revenue from HPC leasing reached $31.9 million (71% of the total), leaving the $12.8 million from mining behind. However, the transition is uneven: Riot Platforms received $23.2 million from data centers versus $113.7 million from mining, while Hut 8 and MARA still show a modest contribution from computing services. Cipher and Keel Infrastructure recorded no HPC revenue at all.
Experts attribute the current decline to deteriorating mining economics and intense competition for capital and electricity from AI workloads. For comparison: after China's mining ban in June 2021, the network hashrate briefly fell to 57.5 EH/s but nearly recovered by December. Today, the situation is different—recovery may take longer due to structural changes.
My conclusion: We are witnessing not capitulation but an evolution of the industry. Miners that successfully diversify into AI gain a strategic advantage, but those that delay the transition risk being left behind. In the long term, this could lead to market consolidation and an increased share for large players with a hybrid revenue model.