Bitcoin’s global mining hashrate has dropped by approximately 12% since mid-November, marking the most significant drawdown in more than four years. The decline follows severe winter storms across the United States that forced several large-scale mining operations to temporarily shut down machines due to power outages and grid curtailment measures.
As a result, total network hashrate has fallen to around 970 exahashes per second, its lowest level since September 2025 according to CryptoQuant. The slowdown accelerated as energy disruptions hit major mining hubs, compounding pressure already building from bitcoin’s price pullback from its recent $126,000 peak toward the $100,000 range.
Mining Revenue and Output Drop Sharply
The impact on miner economics has been immediate. Daily mining revenue fell from about $45 million to a yearly low near $28 million within days, before rebounding modestly to roughly $34 million. Despite this recovery, earnings remain well below recent averages.
Production data shows an equally steep contraction. Output from large publicly listed miners dropped from 77 bitcoin per day to 28, while production from other miners declined by nearly half, sharply reducing total network output.
Miner Profitability Under Severe Pressure
Profitability metrics signal growing stress across the sector. A key sustainability index tracking miner profit and loss has fallen to 21, its weakest level since late 2024. This suggests a rising share of miners are operating below cost, even after recent downward difficulty adjustments.
If hashrate remains suppressed, further difficulty reductions may occur in the coming weeks, potentially easing margins. For now, conditions represent one of the toughest periods for bitcoin miners since the post-2021 industry reset.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.