Bitcoin hashrate steadies at 1,077 EH/s after a 46% drawdown

Bitcoin's hashrate has stopped falling. The network ran at 1,077.2 EH/s on 14 October on the one-year series we pulled, against a peak of 1,305.7 EH/s on 25 October 2025 and a trough of 706.1 EH/s on 25 January 2026.

What the series shows

The decline usually gets quoted as 27%, measured from October 2025 to early February. Peak to trough the network lost 45.9% of its computing power, and it has recovered 52.6% off the bottom since. It still sits 17.5% under the October 2025 high. A year of machines switched off and switched back on reads as one line on a chart, and as a fleet of rigs resold between operators in the real world.

Four pressures arrived together. Mining profitability fell with the bitcoin price after October 2025, while difficulty stayed high and fee revenue stayed thin. Electricity got more expensive, Texas above all, with curtailments and winter disruptions on top, and AI data centres started bidding for the same power and the same sites.

What it costs to mine

A miner feels this as hashprice. CoinShares put the record low at $27.70 per petahash per second per day in June. At today's hashrate and price the block subsidy alone pays about $34.64 per petahash, 25% above that floor, and fees add little on top.

Difficulty is about to take some of it back. The next retarget lands in roughly two days at an estimated 5.5% increase, after the previous one moved 0.03%. Hold the price and the hashrate where they are and hashprice drops to about $32.81.

“The hashrate has stabilised after the plunge”

— Zach Pandl, Crypto market researcher

What settles next

Zach Pandl flagged the stabilisation this week. The same week Binance said it closes its mining pool on 10 November, which sends about 10.7 EH/s looking for a new home, and the pool had been shrinking for a year before the notice. We tracked the earlier leg of this shift in August, when hashrate moved and the price did not.

Three things settle on their own. The retarget number on the day it happens. The hashrate series, which anyone can pull from a public node. And whether the recovery holds through a Texas winter, because that is where the curtailments start.

Informational material, not investment advice. The hashrate series comes from a public node on 14 October 2026, the figures are network averages, and the next difficulty retarget can move by more than the current estimate.