Bitcoin’s network hashrate has fallen as much as 17% below its all-time high, per CryptoQuant, as publicly listed miners redirect power and capital toward artificial intelligence data centers instead of chasing new mining capacity.
Key Takeaways
Bitcoin’s hashrate sits roughly 17% below its all-time high.Hut 8’s contracted AI infrastructure portfolio alone has reached $26.6 billion.CoinShares projects AI and HPC work could supply 70% of listed miners’ revenue by the end of 2026.Hashrate estimates vary between data providers depending on the averaging window used, since the metric is inferred from block timing rather than measured directly, but the broader trend across trackers points in the same direction, i.e. computing power devoted to Bitcoin mining has cooled from where it stood a few months ago.
Lastly, public miners sold a record 32,000 BTC in the first quarter alone, more coins than they sold across all four quarters of 2025 combined, as many opted to raise cash rather than keep expanding hashrate into a market where mining had become unprofitable at current difficulty and power costs.
Miners Are Becoming AI LandlordsHut 8, Core Scientific, TeraWulf and IREN are among the mining companies that have signed multibillion-dollar AI and high-performance computing (HPC) hosting agreements over the past year. Hut 8’s contracted AI infrastructure portfolio alone has grown to $26.6 billion, and across the public mining sector, cumulative AI and HPC contracts now exceed $70 billion.
That would mark a fundamental shift for an industry that has spent more than a decade defining itself primarily by hashrate output.
