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Bitcoin Hash Rate Record: Longest Decline Ever
6 Aug
Summary
- Bitcoin hash rate has fallen 19% since November 2025, longest decline.
- Miners are signing long-term AI hosting leases on former mining capacity.
- Network difficulty has turned negative year-over-year for the second time.
The Bitcoin network is currently experiencing its longest-ever decline in 30-day mean hash rate, a slump that has persisted for nine months. Since November 2025, the hash rate has fallen 19%, from 1,108 EH/s to 898 EH/s. This represents a loss of approximately 210 EH/s, exceeding the entire network's hash power from early 2021.
This sustained downturn is distinct from previous drawdowns, which were shorter and saw quicker recoveries. Miners are now engaging in long-term capital migration, securing AI hosting contracts valued at over $70 billion. This shift involves converting previously used mining capacity for AI infrastructure, with these leases extending from 12 to 20 years.
Adding to the unusual nature of the current situation, Bitcoin's mining difficulty has turned negative year-over-year for only the second time in its history. The difficulty has contracted 19.9% from its November 2025 peak. Unlike the temporary disruption caused by China's mining ban in 2021, this current contraction appears to be a more structural change, as miners transition towards energy and infrastructure services for AI.
