Publicly traded Bitcoin miners are cutting mining capacity faster than the Bitcoin network overall, suggesting that more operators are redirecting electricity and infrastructure toward data centers and high-performance computing (HPC), in another sign of the sector’s evolution beyond creating more crypto.
The contraction was even sharper when excluding Bitdeer, which continued to expand its mining operations. Without Bitdeer, the cohort’s realized hashrate fell 21.2% over the six-month period, from 324.6 EH/s to 255.9 EH/s. Bitdeer’s realized hashrate, meanwhile, increased 44% to 63 EH/s.
By comparison, the Bitcoin network’s average hashrate declined 10.6% over the same period.
The shift comes as more miners report a growing share of revenue from non-mining activities. Core Scientific generated $136.7 million in colocation revenue during the second quarter, compared with just $27.5 million from Bitcoin mining. TeraWulf reported $31.9 million in HPC lease revenue, compared with $12.8 million from mining.
