"Among the biggest decliners, IREN's realized hashrate fell from 42.96 EH/s to 35.83 EH/s, while Cipher dropped from 16.55 EH/s to 11.14 EH/s after fully decommissioning mining operations at its Black Pearl facility in February to begin retrofitting the site for HPC infrastructure. Keel Infrastructure, formerly Bitfarms, declined from 16.52 EH/s to 11.51 EH/s as it continued winding down legacy mining operations and shifting toward North American AI infrastructure development."
Bitcoin’s average network hashrate declined from about 985 EH/s in Q4 2025 to 873 EH/s in Q1 2026. Realized hashrate implied from Bitcoin production results for 10 major public miners decreased only slightly from roughly 297 EH/s to 291 EH/s. Several miners were excluded due to incomplete first-quarter production data. Despite the stable aggregate, hashing power shifted across companies. Core Scientific, IREN, Cipher Digital, TeraWulf, and Keel Infrastructure reduced realized hashrate by dismantling or repurposing mining fleets for AI and HPC infrastructure. Bitdeer, MARA, and American Bitcoin increased realized hashrate to capture part of the displaced network share. IREN and Cipher showed large declines tied to decommissioning and retrofitting activities.
#bitcoin-hashrate #cryptocurrency-mining #realized-hashrate #ai-and-hpc-infrastructure #public-mining-companies
Read at news.bitcoin.com
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