Hashrate Goes on a Crash Diet: Bitcoin Miners Tightening Their Belts as BTC Price Flirts with a 50% Plunge from ATH

Global Bitcoin hashrate has decided to join the new year weight loss trend, dropping 5.8% quarter-over-quarter in Q2 2026—sliding from 1,066 EH/s down to 1,004 EH/s. Because of course it has. Apparently even machines need to go on calorie restriction when the Bitcoin buffet stops being all-you-can-eat.

This dip is being blamed on a perfect storm of geopolitical drama and Bitcoin's less-than-stellar price action. Speaking of which, BTC is down a cool 50% from its October all-time high. So hash prices are now sitting at all-time lows, which is exactly the vibe miners needed after already having a rough go of it. Nothing says "happy holidays" like watching your revenue model get decapitated while everyone's posting their portfolio screenshots from the good old days.

Regional Breakdown:

The top three countries are holding roughly 65% of the global hashrate:

• United States: 375 EH/s (37.4%)
• Russia: 170 EH/s (16.9%)
• China: 120 EH/s (12.1%)

China saw a 1.35% decline thanks to enforcement actions in Xinjiang back in December