But beneath that seemingly stable aggregate figure was a much more notable redistribution of industrial-scale hashing power.
The divergence highlighted a growing split within the public mining sector and that shift became especially visible in corporate filings and earnings calls, where several miners disclosed large-scale fleet dismantling efforts, asset write-downs and mining infrastructure impairments tied directly to AI conversions.
It will be worth watching how the dynamics play out in the quarters to come. But for now, the system remains balanced.
