Bitcoin Miners Are Leaving for AI. So Why Is Hash Rate Near a Record?

Bitcoin (BTC) hash rate has climbed back to within 6.5% of its all-time high, according to Glassnode data. The rebound comes even as several large public miners redirect power to artificial intelligence (AI) clients.

Three months ago, the network was in its longest hash rate decline on record. Data now suggests private and international operators are filling the gap left by the AI pivot.

Bitcoin Hash Rate Holds Its Floor and Nears a Record

On-chain analyst Will Clemente noted on X that hash rate is nearly back at record highs despite the miner shift to AI.

The 14-day moving average of hash rate peaked near 1.135 zettahashes per second (ZH/s) in late 2025. It then fell roughly 22% between October 2025 and February 2026.

The decline stalled near 870 exahashes per second (EH/s). Hash rate rebounded sharply in February, then retested that floor in June and again in August.

Each test held. The latest leg higher is the steepest since the February rebound, lifting the metric to roughly 1.06 ZH/s.

BeInCrypto's August analysis described the drawdown as the longest on record, with no bottom forming. In hindsight, the August retest marked the floor.

Price tells a different story. BTC trades at $79,774, down 0.8% over 24 hours and about 37% below its $126,210 peak.