Publicly traded Bitcoin miners cut realized hashrate by 13.4% in the second quarter of 2026 as revenue from AI infrastructure grew. BlocksBridge Consulting reported that the cohort’s hashrate fell from 368.3 exahashes per second in Q4 2025 to 319 EH/s in Q2 2026. Excluding Bitdeer, the decline was 21.2%, dropping from 324.6 EH/s to 255.9 EH/s. Bitdeer’s hashrate increased 44% to 63 EH/s. The Bitcoin network’s average hashrate declined 10.6% over the same period. Core Scientific generated $136.7 million in colocation revenue compared with $27.5 million from Bitcoin mining in Q2 2026. TeraWulf reported $31.9 million in HPC lease revenue versus $12.8 million from mining. The two companies now derive most of their revenue from non‑mining activities. Riot Platforms and Bitdeer continue to rely primarily on Bitcoin mining. BlocksBridge framed the pullback as an unwinding of the expansion cycle that followed China’s 2021 mining ban, which initially caused a significant network hashrate drop before miners relocated overseas. In North America, the migration helped public miners raise capital and acquire new power sites. After a halving cycle, weaker mining profitability and surging demand for AI infrastructure since 2022 have prompted some miners to repurpose sites and power capacity away from Bitcoin mining. The shift indicates a broader transition in the sector, though the effect on Bitcoin network security remains uncertain.