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Public Bitcoin miners cut realized hashrate 13.4% in 6 months

BlocksBridge Consulting data show the Bitcoin network’s hashrate fell 10.6%, while some public miners increasingly earn from colocation and HPC rather than mining.

Reported · Written up by our desk · Market Structure

Publicly traded Bitcoin miners have reduced mining capacity faster than the Bitcoin network overall, a sign that more operators are shifting electricity and infrastructure toward data centers and high performance computing, Cointelegraph reported. In its Miner Weekly newsletter, BlocksBridge Consulting said realized hashrate among a cohort of public miners fell from 368.3 exahashes per second in the fourth quarter of 2025 to 319 EH/s in the second quarter of 2026.

The decline was larger when Bitdeer was excluded. Without Bitdeer, the cohort’s realized hashrate dropped 21.2% over the six month period, from 324.6 EH/s to 255.9 EH/s. By contrast, Bitdeer’s realized hashrate rose 44% to 63 EH/s.

BlocksBridge compared the cohort to the broader network, noting the Bitcoin network’s average hashrate declined 10.6% over the same period. The source also linked the shift to miners reporting a growing share of revenue from non mining activities, including colocation and HPC leases.

Cointelegraph cited examples from reported results, with Core Scientific generating $136.7 million in colocation revenue in the second quarter versus $27.5 million from Bitcoin mining. TeraWulf reported $31.9 million in HPC lease revenue compared with $12.8 million from mining, while BlocksBridge framed the pullback as an unwinding of the post 2021 expansion cycle tied to China’s mining ban.

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