TLDR
- Bitcoin’s 30-day average hashrate fell to 1,004 EH/s from 1,066 EH/s quarter over quarter.
- The 5.8% drop was the sharpest hashrate contraction seen in several quarters.
- Bitcoin’s fall from $126,000 to $65,000 cut mining revenue and hurt profitability.
- Hashprice dropped to a record low near $27.89 per PH/s per day.
- About 252 EH/s of mining power went offline as older machines became unprofitable.
Bitcoin’s global computing power declined in early 2026, pointing to rising pressure across the mining sector. According to Hashrate Index data, the network’s 30-day average hashrate fell to 1,004 EH/s in the first quarter of 2026. It stood at 1,066 EH/s in the previous quarter.
That marked a 5.8% quarter-over-quarter decline. It was the sharpest contraction in several quarters. The drop came as Bitcoin’s market price fell sharply and reduced miner revenue across major regions.
Bitcoin fell from about $126,000 in October 2025 to around $65,000 by February 2026. That price decline cut into mining income and pushed weaker operators into a difficult position. The downturn also affected equipment decisions and capacity planning.
Global hashrate dropped to 1,004 EH/s in Q2 2026, down -5.8% QoQ.
The cause is profitability.
Bitcoin fell ~50% from its $124K peak → hashprice hit an all-time low of ~$27.89/PH/s/day → 252 EH/s of legacy hardware went offline.https://t.co/0Ln8YuZAXF pic.twitter.com/Lk6nbInkYg
— Hashrate Index 🟧⛏️ (@hashrateindex) April 6, 2026
Hashprice, which tracks miner earnings, dropped to a record low near $27.89 per PH/s per day. This metric reflects how much revenue miners can earn from their computing power. The lower reading shows how much profitability has weakened in recent months.
Older mining machines become unprofitable
Mining firms have faced tighter margins as revenue has declined and operating costs remained in focus. Machines with efficiency above about 25 J/TH are now running at negative margins in many cases. That has made older hardware harder to keep online.
As a result, many operators have shut down less efficient rigs to limit losses. The report estimated that about 252 EH/s of computing power is now offline. Much of that capacity is believed to be retired on a long-term basis.
These shutdowns reflect a common trend in Bitcoin mining. Activity often rises when prices are strong, and it falls when margins contract. In this cycle, the main pressure has come from market conditions rather than outside political events.
Even so, Bitcoin’s protocol continues to adjust to changing network activity. In early April 2026, mining difficulty rose by nearly 4%. That followed an earlier decline of about 8% during the previous adjustment period.
United States keeps lead while mining stays concentrated
The global distribution of Bitcoin mining power changed only slightly during the period. The United States remained the largest mining market with 37.4% of the global hashrate. That equals roughly 375 EH/s.
Its share slipped slightly as some operators retired equipment and shifted part of their focus toward artificial intelligence infrastructure. Russia remained in second place with a 16.9% share. China ranked third with about 12% of global hashrate.
China’s capacity declined after compliance actions in Xinjiang in December 2025 reduced part of its mining activity. Still, the three countries together account for nearly 65% of total Bitcoin hashrate. That shows the network remains concentrated in a limited number of regions.
Hashrate Index said geographical changes were linked more to mining economics than to geopolitical conflicts. The report also noted gradual diversification in some parts of the market. That trend became more visible outside the three largest countries.
Smaller markets expand as others lose ground
Several smaller mining regions posted strong growth over the past year. Kyrgyzstan recorded 300% annual growth and 167% quarter-over-quarter growth. The rise followed clearer mining rules introduced in mid-2025.
Paraguay also expanded, growing 54% from a year earlier and reaching 4.3% of global hashrate. Laos and Finland each doubled capacity from last year. Their growth was supported by energy access and local operating conditions.
Ethiopia entered the top group with 2.5% of total hashrate and ranked eighth worldwide. Its growth continued despite a pause on new permits in mid-2025. Earlier approved projects were allowed to move forward.
Other countries moved in the opposite direction. Iran lost about 7 EH/s during the quarter amid ongoing regional tension. Argentina’s hashrate fell 42% year over year as macroeconomic pressure continued.
Brazil posted 133% annual growth and reached 3.5 EH/s. Still, the report said the coming quarters will show whether that increase can last. Overall, the data shows a mining sector responding quickly to price pressure, equipment efficiency, and regional operating costs.
