Major public Bitcoin miners have reduced hash rate by 21% as they pivot to AI business, extending longest miner capitulation on record to 298 days.
Macro & Markets ·
Major publicly-traded Bitcoin miners have shed 21% of their combined hash rate over six months as they redirect computing power toward artificial intelligence infrastructure, according to analysis. The contraction has extended Bitcoin's network difficulty decline to 298 consecutive days—the longest such period on record—with difficulty falling roughly 20% from its peak. The rebalancing reflects an accelerating shift: Core Scientific now derives 83% of quarterly revenue from colocation and high-performance computing services, up from 67% the prior quarter, while TeraWulf generates 71% of revenue from HPC leasing.
The retreat has become uneven across the sector. Bitdeer expanded its hash rate 44% in the same six-month window and offset much of the decline elsewhere, but other major operators—including Core Scientific, TeraWulf, Cipher Digital, and Keel Infrastructure—continued unplugging mining capacity faster than newcomers could compensate. Excluding Bitdeer, the tracked cohort's hash rate fell 21.2%. Meanwhile, miners furthest along in their AI conversions have seen colocation revenue rise sharply in recent quarterly results.
What remains unclear is whether the shift will stabilize or accelerate further. While some operators are still early in their transition and have not yet recognized meaningful HPC revenue, the trend shows that offsets from expansion-focused miners are no longer sufficient to keep the public company cohort's aggregate hash rate steady.