Public Bitcoin miners cut realized hashrate 13.4% amid AI revenue

BlocksBridge Consulting reported that realized hashrate among a cohort of public Bitcoin miners fell from 368.3 exahashes per second (EH/s) in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% decline.

Excluding Bitdeer, the cohort’s realized hashrate declined 21.2%, from 324.6 EH/s to 255.9 EH/s over the same six-month period. Bitdeer’s realized hashrate increased 44% to 63 EH/s.

By comparison, the Bitcoin network’s average hashrate declined 10.6% during that period.

Company results showed a larger share of revenue coming from colocation and high-performance computing services. Core Scientific reported $136.7 million in colocation revenue in Q2 2026 and $27.5 million from Bitcoin mining. TeraWulf reported $31.9 million in high-performance computing lease revenue and $12.8 million from mining. Both companies earned the majority of their revenue from non-mining activities in the quarter. Riot Platforms and Bitdeer reported most of their revenue from Bitcoin mining in the same quarter.

BlocksBridge described the decline as an unwinding of the expansion cycle that followed China’s 2021 ban on mining, which caused a sharp drop and then a rapid recovery in network hashrate as operations relocated overseas. In North America, that relocation led public miners to raise capital and acquire new power sites to expand capacity.

After the most recent halving, company reports and market participants cited weaker mining profitability and strong demand for AI infrastructure since 2022 as reasons some operators repurposed power and facilities. Several public miners converted or leased space and electrical capacity to data center and AI customers. Companies reported that colocation and HPC leases provide recurring revenue streams distinct from their mining revenue.

Public filings and quarterly earnings have increasingly listed colocation, HPC leases and data center services as notable contributors to revenue for some publicly traded miners.