The 2026 Hashrate Contraction

For years, Bitcoin’s hashrate followed one dominant direction: up. Even through bear markets, tightening margins, and post-halving pressure, the network kept expanding as miners relentlessly deployed new machines and additional power capacity. But 2026 is beginning to look different. For the first time since the China mining ban, the network is experiencing a sustained structural contraction. Behind the slowdown is a much larger shift taking place across global infrastructure markets. AI and...