Bitcoin’s network hashrate has sharply declined in recent weeks as miners face mounting economic and operational pressures, leading to one of the larger negative difficulty adjustment of 2026.
The network’s difficulty, a measurement of how hard it is to mine Bitcoin during a set period, fell to 133.79T from 145.04T — a 7.7% decrease — one of the largest downward adjustments this year and among the steepest since prior market dislocations.
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“This is a big move,” Blockspace co-host Colin Harper said. “Bitcoin’s hash rate typically is always marching upward… but we’re seeing repeated downward adjustments, which just does not happen.”
Hashrate fell to roughly 937 EH/s on a seven-day average, down from about 1,086 EH/s in late February — a decline of more than 100 EH/s in just a few weeks.
Hashprice remains flat at roughly $30.46 per petahash per day.
Industry participants point to several overlapping factors behind the decline. Analysts at Luxor Technologies’ Hashrate Index noted continued infrastructure shifts among large miners toward artificial intelligence workloads, which can offer higher returns than bitcoin mining.
At the same time, weaker hashprice is forcing less efficient operators offline. “Miners are coming off line because they can’t afford to mine anymore,” Harper said.
Geopolitical developments may also be playing a role. The timing of the hash rate decline coincides with the onset of conflict involving Iran, raising the possibility that mining operations in the region — and across the broader Middle East — have been disrupted.
Analysts link part of the hashrate decline to energy market disruptions tied to the conflict.
“I don’t want to overstate it… but if you’re looking at macro events, that’s one of the only things that lines up,” Harper said.
Harper also noted that Iran and nearby Gulf states maintain a measurable share of global mining activity, and rising fuel costs or supply disruptions could be increasing operating expenses for miners in those regions.
The current volatility is unusual compared with historical trends. Bitcoin’s hash rate typically trends upward, but recent months have seen repeated drawdowns and sharp reversals.
“This kind of movement… is something that we haven’t really seen since the China mining ban in 2021,” Harper said.
External shocks have amplified the swings, including severe winter storms in U.S. mining hubs such as Texas and Tennessee, which have intermittently taken capacity offline.