Bitcoin’s hashrate declined in the first half of 2026, stabilised in Q3 and is showing signs of recovery. For miners seeking to gain market share, expansion economics and access to capital are becoming increasingly connected.
🔴 This year: capacity withdrawal created an opening
Network hashrate fell 6.3% in Q1 and 5.8% in Q2. Long-term AI/HPC commitments could keep some capacity out of mining, extending the opportunity for remaining operators to gain market share.
🟡 This month: competition is rebuilding
Hashrate averaged around 984 EH/s over the seven days through 8 October. To increase their share of rewards, miners must grow operating hashrate faster than the network.
🟢 Looking ahead: hashrate as collateral
In a recent review, Tony Dicarlo from RootstockLabs describes credit secured by pledged hashrate, hardware and BTC. This broadens the collateral available to finance expansion while retaining treasury Bitcoin, with future production supporting the funding of additional capacity.
The Signal:
Hashrate is becoming collateral that institutions can underwrite. Its financing value connects future Bitcoin production with the capital needed to expand mining capacity. How lenders value and finance that production could shape which operators gain share as network competition rebuilds.
🔴 This year: capacity withdrawal created an opening
Network hashrate fell 6.3% in Q1 and 5.8% in Q2. Long-term AI/HPC commitments could keep some capacity out of mining, extending the opportunity for remaining operators to gain market share.
🟡 This month: competition is rebuilding
Hashrate averaged around 984 EH/s over the seven days through 8 October. To increase their share of rewards, miners must grow operating hashrate faster than the network.
🟢 Looking ahead: hashrate as collateral
In a recent review, Tony Dicarlo from RootstockLabs describes credit secured by pledged hashrate, hardware and BTC. This broadens the collateral available to finance expansion while retaining treasury Bitcoin, with future production supporting the funding of additional capacity.
The Signal:
Hashrate is becoming collateral that institutions can underwrite. Its financing value connects future Bitcoin production with the capital needed to expand mining capacity. How lenders value and finance that production could shape which operators gain share as network competition rebuilds.