Bitcoin Miners are Leaving the Network. Will It Impact BTC Price?
The Bitcoin (BTC) 30-day mean hash rate has fallen 19% since November 2025, sliding from 1,108 EH/s to 898 EH/s. Glassnode data shows the nine-month decline is the longest in the network's history.
The slide coincides with the largest capital migration miners have ever staged. Public mining firms hold over $70 billion in AI contracts, and converted capacity may never return.
Nine Months of Decline Sets a Bitcoin Hash Rate Record
Bitcoin has seen only two comparable drawdowns in its modern era, and both ended quickly. The current one has not ended at all, according to Glassnode data.
| Period | Hash rate move | Depth | Duration | Driver |
|---|---|---|---|---|
| May–Jul 2021 | 165 → 95 EH/s | −42% | ~10 weeks | China mining ban |
| Apr–Jul 2024 | 626 → 578 EH/s | −8% | ~3 months | Post-halving purge |
| Nov 2025–Aug 2026 | 1,108 → 898 EH/s | −19% | ~9 months, ongoing | Margin squeeze and AI pivot |
The 2021 collapse cut deeper in percentage terms. However, it reversed w
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