Bitcoin mining is entering one of its tougher stretches in recent years. The network has logged three consecutive negative difficulty adjustments, a rare pattern since 2022, while total hashrate has fallen from nearly 1,160 EH/s to around 1,000 EH/s. The pullback points to clear miner shutdowns as profitability weakens.
The pressure is most visible in miner revenue per unit of computing power. A CoinShares report says hashprice dropped to about $28 to $30 per PH/s/day in early 2026. It later recovered modestly to $32 to $33, yet still sits near five-year lows. Forward estimates in the report suggest hashprice may remain close to $30 to $32 over the next few months.
Halving pressure meets rising production costs
The revenue squeeze has been reinforced by Bitcoin’s halving cycle, which cuts block rewards every four years, while electricity, hardware, and infrastructure costs stay elevated. By the fourth quarter of 2025, the average cost to mine one BTC had climbed to roughly $80,000. With Bitcoin trading near similar levels, many operators are left with very limited margins.
According to the report, around 15% to 20% of mining rigs globally are now running at a loss. Older machines, especially those with weaker efficiency and higher power costs, are under the most strain. For that segment of the fleet, shutting down has become the practical response.
Mining companies use existing sites to chase AI and HPC income
As mining economics worsen, companies are looking for another source of cash flow. The strongest shift is toward AI and high-performance computing. Digital asset mining firms have signed more than $70 billion in AI/HPC contracts, and some may derive as much as 70% of revenue from AI by 2026. These contracts are also described as carrying margins of 80% to 90%, with longer and steadier income streams than pure BTC mining.
The appeal is straightforward. Mining companies already control power access, land, cooling systems, and site infrastructure that can be repurposed for AI data centers instead of only processing Bitcoin. The report names Microsoft, Google, and Amazon Web Services as major drivers of that demand.
2026 is splitting the sector into survivors and companies under strain
The industry is now separating into two broad camps. One group still makes money through low-cost electricity and newer machines. Another is moving deeper into AI and infrastructure services. Operators without those advantages face a higher risk of shutting down.
Some firms are selling BTC holdings and taking on debt to finance AI expansion, reshaping the traditional mining model. The shift is not limited to Bitcoin. After Ethereum’s The Merge ended traditional GPU-based mining, many miners moved to alternative coins or AI-related work. At the same time, stronger GPU demand from AI has made mining less attractive on its own.