A new CoinShares report shows that Bitcoin mining is still adjusting after a difficult first half of 2026. Network hashrate remains well below its long-term trend, while tighter mining margins are pushing several large operators to devote more power and infrastructure to AI and high-performance computing.
Bitcoin mining is entering a period in which access to power is no longer automatically synonymous with deploying more ASICs.
CoinShares' latest mining report shows that the first half of 2026 produced Bitcoin's first six-month decline in network hashrate since China's mining restrictions in 2021. Hashrate peaked near 1,160 EH/s in October 2025 before falling as low as approximately 850 EH/s in February.
Using its long-term trend model, CoinShares estimates that network hashrate is currently around 50% below trend. The decline has been gradual rather than sudden, but it reflects the pressure that weak mining economics have placed on higher-cost operators.
Hashprice provides a clear view of that pressure. Monthly average hashprice fell to about $27.7 per PH/s/day in June, after setting successive lows earlier in the year. It later recovered toward $38 as Bitcoin returned to roughly $77,000.
Costs have also become harder to ignore. CoinShares calculated a weighted average ex-tax cash cost of approximately $75,500 per bitcoin among the listed miners included in its Q2 analysis. The figure varies widely between companies, reinforcing the importance of electricity contracts, fleet efficiency and operating structure.
At the same time, the value of power infrastructure has changed. For several mining companies, AI and HPC contracts now offer an alternative use for sites originally developed around Bitcoin mining.
CoinShares estimates annualised profit of roughly $1.5 million per MW from AI infrastructure under current assumptions, compared with about $0.5 million per MW from Bitcoin mining. This gap helps explain why some operators are redirecting capital toward data centers.
IREN has already reached a notable milestone: its quarterly AI cloud revenue of $70.5 million exceeded its $66.7 million in mining revenue for the first time. Other operators, including Core Scientific, Cipher Digital and TeraWulf, are also reducing mining exposure as computing contracts expand.
None of this means Bitcoin mining is disappearing. Mining economics can change quickly when the Bitcoin price, difficulty or transaction-fee environment changes. A stronger hashprice can make previously marginal capacity profitable again.
What is changing is the competitive landscape. For miners that remain committed to Bitcoin, ASIC efficiency, energy cost and uptime are becoming increasingly decisive. In a tighter market, operational efficiency matters more than raw installed capacity alone.
