Bitcoin Miners Are Leaving for AI. So Why Is Hash Rate Near a Record?
Bitcoin (BTC) hash price has climbed again to inside 6.5% of its all-time high, based on Glassnode information. The rebound comes at the same time as a number of giant public miners redirect energy to synthetic intelligence (AI) shoppers.
Three months in the past, the community was in its longest hash price decline on file. Data now suggests personal and worldwide operators are filling the hole left by the AI pivot.
Bitcoin Hash Rate Holds Its Floor and Nears a Record
On-chain analyst Will Clemente famous on X that hash price is sort of again at file highs regardless of the miner shift to AI.
The 14-day transferring common of hash price peaked close to 1.135 zettahashes per second (ZH/s) in late 2025. It then fell roughly 22% between October 2025 and February 2026.
The decline stalled close to 870 exahashes per second (EH/s). Hash price rebounded sharply in February, then retested that ground in June and once more in August.
Each take a look at held. The newest leg increased is the steepest because the February rebound, lifting the metric to roughly 1.06 ZH/s.
BeInCrypto’s August analysis described the drawdown because the longest on file, with no backside forming. In hindsight, the August retest marked the ground.
Price tells a totally different story. BTC trades at $79,774, down 0.8% over 24 hours and about 37% under its $126,210 peak.
Hash price, against this, sits solely 6.5% under its personal file. That hole suggests miners are increasing for the long term quite than chasing short-term margins.
| Metric | August 5, 2026 | October 27, 2026 |
|---|---|---|
| BTC worth | $64,078 | $79,774 |
| Hash price (Glassnode) | 898 EH/s, 30-day common, falling | ~1,060 EH/s, 14-day common, rising |
| Mining issue | 126.23T | 140.58T |
| Hashprice | ~$30–32 per PH/day | ~$36 per PH/day |
Mining Difficulty Climbs Back Toward Its Record
Difficulty confirms the development. The community raised it 5.92% to 140.58 trillion (T) on October 16, based on mempool information.
Another enhance of roughly 5% to six% is projected for October 29. Two jumps of that dimension in a row stand out in 2026, as most changes this 12 months had been cuts.
Glassnode’s chart exhibits the trail. Difficulty slid from a file 155.97T in late October 2025 to about 126T by February.
After a transient spring rebound, it bottomed at 124.93T in June. That 10.09% minimize was the most important of the 12 months.
If the projection holds, issue would attain roughly 148T to 150T. That could be its highest degree since late 2025 and solely 4% to five% under the file.
The August evaluation argued that a destructive year-over-year studying by way of autumn would verify a lasting contraction in Bitcoin’s safety funds. The studying continues to be destructive as a result of late 2025 set the file. However, rising issue and hash price recommend the contraction has stalled.
The AI Pivot Has Not Slowed
The restoration doesn’t imply miners have deserted AI. Riot Platforms disclosed a 20-year, 191-megawatt (MW) internet hosting deal at its Rockdale, Texas campus on August 10.
The contract is price $9.1 billion, or as much as $16.1 billion with extensions. Reports named Anthropic because the shopper, although Riot didn’t establish the shopper.
In October, The Information reported that IREN signed a multiyear cloud take care of Anthropic. Neither firm has confirmed it.
IREN can be leaving mining. The firm plans to retire about 23.2 EH/s of capability by December 31.
According to BlocksBridge Consulting, public miners’ realized hash price fell 15% within the first half of 2026. Disclosed AI and high-performance computing (HPC) contracts throughout listed miners now exceed $70 billion.
However, CoinShares estimates solely about $1.1 billion of that backlog is billed yearly up to now. ViaBTC CEO Haipo Yang lately argued that AI is pushing mining out of the costliest websites.
Private Miners and New Regions Replace Lost Bitcoin Hash Rate
If public miners are shrinking, the brand new hash price should come from elsewhere. Bitdeer is the clearest exception amongst listed companies.
Its self-mining hash price reached 82.3 EH/s in September, up from 35 EH/s a 12 months earlier.
Older machines are additionally altering arms. BlocksBridge recommended that rigs retired by public miners are being purchased by smaller operators with low cost energy.
Texas performed a position too. Luxor attributed September’s rebound largely to Texas fleets returning after the state grid’s final summer time peak on September 12.
Growth is spreading geographically as nicely. Hashrate Index data confirmed Ethiopia’s hash price up 129% 12 months over 12 months within the first quarter. Paraguay rose 54%, and Oman gained 28%.
Price helped, too. BTC recovered towards JPMorgan’s estimated $85,000 manufacturing price in late September. Meanwhile, Capriole’s Hash Ribbons indicator signaled the tip of miner capitulation on August 27.
CryptoQuant CEO Ki Young Ju described the hash price restoration as an oblique bullish sign for Bitcoin.
What the Hash Rate Recovery Means for Bitcoin Security
Hash price measures the computing energy defending the community. A degree close to the file suggests attacking Bitcoin is about as pricey because it has ever been.
The information additionally suggests possession is extra unfold out, with personal operators and new areas taking share from listed miners. Some analysts argue this vitality base helps Bitcoin’s valuation.
Risks stay. Hashprice fell to about $36 per petahash per day on October 25, down roughly 11% in a month, per Hashrate Index information.
Rising issue will squeeze margins additional until BTC climbs. IREN’s deliberate exit in December might additionally take away significant capability.
For now, miners leaving for AI haven’t weakened the community. Sustaining the restoration could depend upon BTC’s worth retaining tempo with rising issue.
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