Bitcoin's 30-day average hashrate has fallen 19% since November 2025, dropping from 1,108 EH/s to 898 EH/s. According to ChainCatcher, Glassnode said the nine-month decline is the longest in the network's history.

The drop comes as mining companies undergo their largest capital migration on record, with miners holding more than $70 billion in AI contracts. Some electricity capacity previously used for Bitcoin mining has shifted to AI hosting and may be difficult to bring back.