Bitcoin's overall network has encountered the longest decline since 2024, and the mining economic benefits are showing structural deterioration.

According to an analysis published by asset management company VanEck, Bitcoin's overall network has experienced the longest decline since the spring of 2024, and the economic benefits of Bitcoin mining are showing structural deterioration.

Data shows that the 30-day moving average hash rate has declined by approximately 6% since the peak in November 2025, while the mining difficulty and the estimated electricity consumption of global miners have also decreased simultaneously; these indicators point to the fact that some miners are shutting down machines and exiting the network.

Analysis suggests that the direct pressure causing this phenomenon comes from the narrowing profit margins, but the deeper impact stems from the explosive demand for electricity and computing resources from artificial intelligence data centers, which are competing for the resource share of Bitcoin miners.

As large-scale mining operations face higher and more stable cash flow returns provided by AI computing services, they are beginning to strategically reallocate core resources such as electricity, venue, and even equipment into the AI field.

This 'crowding out effect' from higher-yielding industries is fundamentally changing the direction of resource flow and is also a deep structural reason for the continuous decline in Bitcoin's hash rate.

However, some analysts believe that while the adjustment of miners' hash power brings a pain period to the Bitcoin mining industry, it may accumulate momentum for the next stage of market changes.

Finally, what are your views on the current trend of declining Bitcoin hash rate and miners turning to the AI field? Do you think this is a temporary adjustment, or the beginning of a fundamental transformation in the mining industry?

#Bitcoin Hash Rate