The seven-day moving average of Bitcoin’s network hashrate dropped to 915.8 EH/s, equivalent to 915,844,520 terahashes per second (TH/s), as of September 26, 2026. This decline in computing capacity wiped out 34.86 million TH/s compared to the previous week’s indicator, pushing hashrate back to its lowest level since September 3, 2026.
Data from monitoring tools Mempool and CoinWarz showed daily hashrate fluctuations lingering below the psychological threshold of one zettahash (1 ZH/s). Total computing power fell sharply from 984 EH/s on September 24 to 954 EH/s on September 25. Interestingly, the miner revenue metric Puell Multiple climbed to 1.13 just as the network’s underlying security strength deteriorated.
Pivoting to Artificial Intelligence Infrastructure
Twenty One Capital CEO Raphael Zagury labeled this condition the first ‘hashrate bear market’ in Bitcoin’s history. Zagury pointed to a decline ranging from 22% to 24% measured from its peak record at the end of 2025. Large-scale mining companies have been the primary drivers of this decline in network performance. Operators are choosing to power down mining rigs, redirecting their power capacity and capital expenditure budgets to build artificial intelligence (AI) computing server infrastructure.
Selling Thousands of Bitcoin on the Open Market
Miners’ business migration demands substantial liquidity. Analytics platform CryptoQuant recorded a net reduction of 1,530 BTC in miner coin reserves between September 20 and September 26. Heavy market distribution pushed the remaining balance across all miner wallet addresses down to a subdued 1,192,766 BTC.
Older Mining Rigs Spin Back Up
The departure of some heavyweight mining rigs has altered projections for the pure-play miners who remain. The plunge in total hashrate has breathed new life into obsolete hardware, enabling older machines to turn a profit once again thanks to the steep drop in block difficulty standards. Today’s power capacity competition proves that low-cost electricity and industrial-scale cooling facilities are no longer the exclusive domain of the cryptocurrency mining industry.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
