Public miners cut capacity faster than network, shift to AI

Publicly traded Bitcoin miners are slashing mining capacity faster than the broader network, pivoting toward data centers and high-performance computing as the sector evolves beyond cryptocurrency production. According to BlocksBridge Consulting’s Miner Weekly newsletter, realized hashrate among 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 continued expanding, the cohort’s realized hashrate dropped 21.2% over the same period. Bitdeer‘s hashrate surged 44% to 63 EH/s, while the Bitcoin network’s average hashrate declined 10.6%.

More miners now report growing revenue from non-mining activities. Core Scientific generated $136.7 million in colocation revenue during Q2, compared with just $27.5 million from Bitcoin mining.

TeraWulf reported $31.9 million in HPC lease revenue, versus $12.8 million from mining. Meanwhile, Riot Platforms and Bitdeer remain earlier in the transition, with mining still accounting for the vast majority of their revenue.

BlocksBridge framed the current pullback as an unwinding of the expansion cycle that followed China’s 2021 Bitcoin mining ban. Weaker mining profitability, coupled with surging demand for AI infrastructure since 2022, has prompted several public miners to repurpose power capacity away from Bitcoin mining entirely.

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