Bitcoin Mining Hashrate Rebounds to 919 EH/s After 287-Day Drawdown
Bitcoin’s mining network just posted its first real bounce after nearly ten months of steady decline.
Bitcoin’s network hashrate rose for the week of August 3, 2026, reaching 919 EH/s, following roughly 287 consecutive days of drawdown that had pushed mining difficulty down 19.9% from its all-time high. July mining revenue also rose to $875.35 million, an increase of $38.93 million from June, with hashprice — the standard measure of miner earnings per unit of computing power — at $31.59 per PH/s per day.
Why does a hashprice around $31 to $32 per PH/s per day matter so much for the mining industry? That figure sits at or below the breakeven point for many miners, depending heavily on their specific electricity costs and hardware efficiency — meaning even with revenue improving month over month, a meaningful share of the mining industry has continued operating at thin or negative margins throughout this stretch.
What’s been driving the broader 2026 mining contraction that this week’s uptick only partially reverses? A combination of weak mining economics, expanding competition for power and infrastructure from AI and high-performance computing data centers, regional power outages, Texas grid curtailments during high-demand periods, and disruptions tied to Iran-related geopolitical tensions have all pressured miner profitability simultaneously this year.
The pressure has already reshaped the industry’s competitive landscape — mining firm Poolin and affiliated US entities filed for Chapter 11 bankruptcy, and publicly traded mining companies collectively sold more than 32,000 BTC in the first quarter of 2026 alone, likely to cover operating costs during the extended margin squeeze.
Some miners have responded by pivoting infrastructure toward AI and high-performance computing workloads instead, with TeraWulf reportedly planning to raise approximately $3.5 billion in debt financing to build an AI data center campus leased to Anthropic for 20 years — a sign that mining companies increasingly view their power and infrastructure assets as valuable well beyond Bitcoin mining alone.
Want to understand how Bitcoin’s mining difficulty adjustment actually works? Learn more in the Bitcoin Academy.