Bitcoin’s hashrate continues to fall as the price spike doesn’t convince miners to turn machines back on

Bitcoin's network hashrate is cooling from its late-2025 peak, despite spot price strength, because miner profitability is constrained by high network difficulty and persistent power costs. Miner decisions are primarily driven by hashprice (expected daily revenue per unit of hashrate), which has recently hovered near breakeven levels for many operators, forcing them to cycle machines on and off rather than expanding smoothly. The difficulty adjustment mechanism lags behind immediate price and hashrate swings, meaning miners can absorb weak economics for up to two weeks before protocol-level relief arrives, creating network whiplash. Furthermore, electricity costs are critical; miners with higher operational efficiency (lower J/TH) can sustain operations better, but those facing higher delivered energy prices are vulnerable to curtailment, especially in regions like Texas where grid policy and interconnection competition add complexity.

(Source：CryptoSlate)