Bitcoin mining difficulty underwent its latest adjustment at block height 941,472 this week, dropping 7.76% to 133.79 trillion, marking the second-largest negative adjustment in 2026. The trigger was a sustained average block time of approximately 12 minutes 36 seconds over the past week, well above the target of 10 minutes. The hashprice currently stands at around $33.3 per PH/s/day, after hitting an all-time low of $28 on June 23.
AI Exodus: Miners Dumping Bitcoin for Compute
As margins tighten, large mining firms are accelerating strategic pivots. Core Scientific announced plans to sell most of its Bitcoin reserves in 2026 to fund AI and high-performance computing (HPC) infrastructure. Bitdeer had already cleared its entire BTC holdings in February. Other publicly listed miners including Cango, Riot Platforms, TeraWulf, IREN, CleanSpark, and Bitfarms have similarly unveiled diversification strategies. HIVE Digital Technologies recently launched its first AI GPU cluster in Paraguay, directing local power resources into AI workloads. VanEck’s head of digital assets research, Matthew Sigel, noted that miners “sit on a goldmine” of power capacity for AI applications.
Historical Data: 65% Probability of Positive Returns After Difficulty Drops
VanEck’s report offers historical perspective: during past hash rate contractions, Bitcoin showed positive returns 65% of the time after 90 days. The easing of cost pressure from difficulty cuts often serves as a contrarian signal to miner capitulation. However, as more listed miners prioritize AI transformation, traditional mining talent, capital, and power resources are flowing into an alternative track. This structural shift warrants close monitoring for its long-term impact on the mining industry.