Bitcoin miners flee to AI infrastructure en masse as network hashrate falls 12% from peak
- —Keel (formerly Bitfarms) halted all mining sites, sold 1,085 BTC for $75 million, leaving 1,861 BTC
- —Core Scientific paid $41.9 million to cancel a contract for 15 EH/s of 3nm chips
- —Average hashrate fell from 1,066 EH/s in Q1 to 940 EH/s in Q3, 12% below the December 2025 peak
- —HyperScale Data converted 20 MW in Michigan to AI leasing under a $1.2 billion 10-year contract
Why it matters: The hashrate decline and miners selling off BTC reserves ease pressure on the market but alter the network's structure and bitcoin supply.
Source: Digital Today