Bitcoin’s network hashrate has dropped to its lowest level in four months, falling below the 1 zetahash per second threshold even as mining economics show signs of improvement. Analysts say the decline reflects a broader shift among miners toward artificial intelligence and high-performance computing workloads that can offer more stable returns.
Data from Hashrate Index shows the seven-day moving average of Bitcoin’s hashrate at around 993 exahash per second, marking the first time it has dipped below 1,000 EH/s since mid-September. The figure is down
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nearly 15% from its recent peak of 1,157 EH/s recorded on Oct. 19, highlighting a notable pullback in network activity.
Miners divert power toward AI as margins tighten
StandardHash founder and CEO Leon Lyu said the downturn is being driven in part by miners reallocating energy and infrastructure away from Bitcoin toward AI compute services. In a post on X, Lyu argued that AI workloads often deliver higher and more predictable margins than traditional Bitcoin mining, particularly in a challenging operating environment.
Industry analysts have previously described 2025 as one of the most difficult periods on record for miners, citing shrinking block rewards, rising energy costs and heavy debt burdens. Against that backdrop, many operators have begun repurposing their large-scale power access and cooling systems for AI and high-performance computing, where demand continues to grow.
Lyu also suggested that reported hashrate figures may understate total deployed capacity. He pointed to the possibility that hardware manufacturers, including Bitmain, are placing surplus machines through indirect or less transparent arrangements, making it harder to capture the full picture of global mining power.
Difficulty falls, profitability improves, but hashrate lags
The hashrate decline comes despite a series of adjustments that should, in theory, support miners. Bitcoin’s mining difficulty has dropped four times since Nov. 12, falling from 156 trillion to roughly 146.5 trillion, which reduces the computational effort required to mine new blocks.
At the same time, hashprice — a common measure of miner revenue — has climbed over the past month, rising from about $37 to $40 per petahash per second per day. That improvement signals better near-term profitability, yet it has not been enough to reverse the broader trend of power shifting toward AI.
For now, the divergence suggests that while Bitcoin mining economics are stabilizing, competition from AI for energy and infrastructure is reshaping how miners allocate resources.