Public Bitcoin miners cut hashrate 13.4% as AI infrastructure revenue grows
Publicly traded Bitcoin miners are reducing mining capacity faster than the Bitcoin network overall, signaling a broader shift toward data centers and high-performance computing. BlocksBridge Consulting said realized hashrate across a cohort of public miners fell 13.4%, from 368.3 EH/s in Q4 2025 to 319 EH/s in Q2 2026. Excluding Bitdeer, which expanded its mining operations, the cohort’s realized hashrate dropped 21.2%. By contrast, the Bitcoin network’s average hashrate fell 10.6%. The trend reflects growing diversification into non-mining revenue. Core Scientific earned far more from colocation than Bitcoin mining, while TeraWulf generated more revenue from HPC leasing than mining. Riot Platforms and Bitdeer still rely mostly on mining. The pullback also reflects an unwind of the post-China-ban expansion cycle, as weaker mining economics and rising AI infrastructure demand push miners to repurpose power and facilities away from Bitcoin.
