Bitcoin Hashrate Hits September Low as Miners Pivot Toward AI

Bitcoin’s network hashrate has dropped to its lowest level since mid-September 2025, dipping below the 1,000 exahash per second (EH/s) threshold—or 1 zettahash per second (ZH/s)—for the first time in four months. As of January 19, 2026, the seven-day moving average stands around **993 EH/s**, down nearly **15%** from its October 19, 2025, peak of approximately **1,157 EH/s**, according to data from Hashrate Index and reports from Cointelegraph, ForkLog, and other sources.

The decline reflects significant miner behavior shifts amid compressed profitability. Bitcoin mining margins have tightened due to post-halving dynamics, elevated energy costs, and volatile hashprice (currently hovering around **$39–$41** per PH/s/day). Analysts, including StandardHash CEO Leon Lyu, attribute the outflow to miners reallocating power capacity toward artificial intelligence (AI) and high-performance computing (HPC) workloads, which promise more stable, higher-margin revenue through long-term contracts with tech giants.

Major publicly traded miners have aggressively pursued this pivot: companies like Core Scientific, Iris Energy (IREN), Cipher Mining, TeraWulf, and others have secured multi-billion-dollar deals to host AI infrastructure, leveraging their existing power contracts, cooling systems, and data center footprints. Projections from CoinShares indicate that for firms with AI agreements, mining revenue could fall from ~85% of total in early 2025 to under 20% by late 2026, with AI/HPC delivering 80–90% operating margins.

A lower hashrate temporarily eases competition, potentially boosting profitability for active miners via an upcoming difficulty adjustment (estimated at **-4.34%** around January 22). Bitcoin’s network remains robust historically, with security concerns minimal despite the pullback.

This trend signals a broader industry evolution: as AI demand surges and competes for grid resources, miners are diversifying to ensure sustainability. Observers will monitor whether the hashrate stabilizes, rebounds with Bitcoin price gains, or continues declining amid intensifying energy competition. The shift underscores how macroeconomic forces and emerging tech like AI are reshaping Bitcoin mining economics.