The Bitcoin chain’s hash rate has declined significantly from a historic high of 1,151 zehachesh per second (ZH/s) last October to 0.888 ZH/s today. According to Galaxy Research, the recent -10.09% adjustment in mining complexity was the 11th largest negative adjustment in the network’s history and the second largest this year.

Although the drop in Bitcoin’s price from a record $125,000 has hit production margins significantly, analysts point to a structural reason for the power outage - a massive shift in miners into artificial intelligence. According to CoinShares, migration to the high-performance computing (HPC) segment is accelerating rapidly. By the end of 2026, public mining companies could receive up to 70% of their revenue from AI, compared to 30% today. At the same time, experts warn about "cannibalization": part of the operating mining capacity will be specifically disconnected to retool for AI-tasks.

Amid these structural shifts, Bitcoin is behaving as a typical risk asset, surging above $67,000 in news of the preliminary US-Iran peace agreement. However, the future dynamics of hashish will depend on whether prices hold up at current levels and data centers themselves continue to adapt their infrastructure to market demands.