The drop from 1,108 EH/s to 898 EH/s since November 2025 coincides with a record capital shift by miners into AI contracts, according to BeInCrypto and Glassnode data.
Bitcoin's 30-day average hashrate has fallen 19% since November 2025, dropping from 1,108 EH/s to 898 EH/s in what Glassnode data shows is the network's longest sustained decline on record over a nine-month period. The retreat is unfolding alongside what BeInCrypto described as the largest capital migration in mining history, with mining companies holding more than $70 billion in AI contracts. Part of the power capacity once used for Bitcoin mining has been redirected to AI hosting, a shift that may be difficult to reverse.