Bitcoin Hashrate Plunges 10%: Miners Scramble as Market Dives

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As Bitcoin Core sage Peter Todd reminds us, roughly one-tenth of the global hashing power has discreetly retired from the stage in recent days.

This retreat, no doubt, is the market’s way of telling miners that margins have been squeezed like a fashionable coin purse in a rainstorm.

“Hash power follows price quite closely,” Todd observed on X (the platform formerly known as Twitter).

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A major difficulty drop

Recent data reveals a genuine “miner capitulation” of late, culminating in a precipitous decline in difficulty to 125.86 T. On Nov. 11, it perched at a lofty 155.97 T, a reminder that prestige sometimes unfurls before pragmatism.

The drop is so profound that the few remaining miners clear blocks too quickly (8.92 minutes). One might forecast a grand 12.15% upward correction in a mere fortnight.

A plunge in profitability

Meanwhile, a measure of Bitcoin mining revenue sits at a nadir, Bloomberg notes, courtesy of a duet of crashing crypto prices and soaring energy costs.

The “hash price” index-the value of revenue per unit of computing power-slid to about 3 cents per terahash.

This revenue collapse compels major mining outfits to power down their engines.

The downturn scars the stock performance of major mining houses: CleanSpark, Terawulf, MARA Holdings, and Riot Platforms all feel the gravity of the gale.

Winter storms sweeping across the United States amplify the misfortune, choking hubs like Texas and Tennessee with higher costs and intermittent outages, forcing curtailment of production.

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2026-02-09 09:36