Bitcoin’s seven-day average hashrate fell to about 915.8 EH/s between Sept. 20 and Sept. 26, while miners reduced their Bitcoin holdings by 1,530 BTC during the same period.
Digital Asset reported that Bitcoin’s seven-day average hashrate stood at 915,844,520 TH/s on Sept. 26, down about 34.86 million TH/s from a week earlier. It was the lowest seven-day average since around Sept. 3.
CryptoQuant data showed that Bitcoin held in miner wallets fell to about 1,192,766 BTC, a decrease of 1,530 BTC from the previous week.
Hashrate represents the computing power being used to secure the Bitcoin network and process transactions. The recent decline means less computing power was active on average, although short-term changes do not necessarily mean miners are permanently shutting down equipment.
Mempool data also showed that Bitcoin’s network hashrate dropped below one zettahash during several sessions in late September after moving above that level earlier in the month. CoinWarz estimated the network at around 954 EH/s on Sept. 25, compared with about 984 EH/s a day earlier.
The decline follows a broader drop from Bitcoin’s late-2025 hashrate peak. Twenty One Capital CEO Raphael Zagury described the trend as Bitcoin’s first “hashrate bear market” and estimated that the network had fallen around 22% to 24% from its previous high.
Part of the decline has been linked to mining companies shifting electricity, computing equipment and investment toward artificial intelligence operations. However, hashrate can also change because of electricity availability, mining difficulty, equipment activity and block timing.
Miner Bitcoin reserves also continued to decline. CryptoQuant data showed about 1.1928 million BTC remained in tracked miner wallets on Sept. 26.
A drop in miner reserves does not automatically mean miners sold all of those coins. Bitcoin can be moved to exchanges, custodians, lenders or other wallets for different reasons, including treasury management and collateral arrangements.
Public mining companies are following different strategies. CleanSpark, for example, mined 593 BTC in August but sold 821 BTC during the month. The company ended August with 13,703 BTC.
Other miners are also shifting resources away from Bitcoin mining. Hyperscale Data stopped Bitcoin mining at its Michigan facility on Sept. 1 as it prepared the site for an AI computing contract. Its Bitcoin holdings had fallen from about 1,006 BTC in July to around 215 BTC.
At the same time, Bitcoin’s Puell Multiple increased during the week. Digital Asset reported a reading of 1.13 on Sept. 26, up 0.24 from the previous week.
The Puell Multiple compares the daily dollar value of newly mined Bitcoin with its 365-day average. A reading above one means daily mining revenue is above its one-year average, although the indicator does not account for individual miners’ electricity, equipment or financing costs.
Mining conditions also remain different from one region to another. In Ethiopia, electricity supplied to Bitcoin miners was reduced to 23% of contracted levels after reservoir inflows declined. Bitcoin mining had previously accounted for a significant share of the country’s electricity use and utility revenue.
Despite the lower seven-day hashrate, the Bitcoin network continued producing blocks normally. Short-term hashrate movements do not directly affect the network’s ability to operate because Bitcoin’s difficulty adjusts roughly every 2,016 blocks based on actual block production.
Overall, the latest data shows that Bitcoin mining activity has become more uneven, with some miners selling more of their holdings or moving resources into AI infrastructure while network hashrate remains below its earlier highs.
