CoinShares reports Bitcoin mining faces sharpest contraction since 2021

Bitcoin: Bitcoin is the primary cryptocurrency secured by a global proof-of-work mining network whose hashrate and difficulty adjust dynamically. The network recently experienced its first six-month hashrate decline since 2021, driven by post-halving economics and power cost pressures. This has prompted listed miners to evaluate continued participation versus reallocating infrastructure. Iren Ltd: Iren Ltd is a Bitcoin mining company undergoing a substantial transition toward AI and cloud services. Mining revenue has been overtaken by its AI platform in recent quarters, with plans to complete the shift by year-end. The company has decommissioned mining hardware and redirected resources accordingly. TeraWulf: TeraWulf is a Bitcoin mining company that is actively converting buildings and retiring portions of its mining fleet. High-performance compute leases now form the majority of its revenue, with mining disclosures reduced accordingly. The company is deepening its pivot away from legacy mining operations. CleanSpark: CleanSpark is a Bitcoin mining company recognized for its operational focus and pure-play status in recent periods. It has begun signing initial high-performance compute agreements while maintaining mining activities. The firm illustrates the gradual move from sole reliance on Bitcoin production. CoinShares: CoinShares is a digital asset firm that produces quarterly Bitcoin mining reports analyzing listed operators and network trends. Its Q2 2026 edition examines corporate transitions, regulatory impacts, and historical cycle comparisons. The report highlights how listed miners are responding to current conditions through strategic exits and infrastructure repurposing. Hut 8 Corp: Hut 8 Corp is a Bitcoin mining and infrastructure company providing hosting services. It manages related-party arrangements with subsidiaries while advancing its own AI campus developments. The firm is expanding project financing to support non-mining growth initiatives. Luke Nolan: Luke Nolan is an analyst focused on Bitcoin mining data and trends. He provided the detailed breakdown for CoinShares' latest mining report, contextualizing recent network movements against prior cycles. His analysis supports understanding of hashrate deviations and miner behavior. Cipher Digital: Cipher Digital, formerly known as Cipher Mining, is a Bitcoin mining company with facilities including a low-cost power site in Texas. It has stated plans to make mining immaterial to its business by the end of the decade and is redirecting resources toward data center development for tenants. The company sold Bitcoin holdings during the quarter to fund these transitions. Riot Platforms: Riot Platforms is a publicly listed Bitcoin mining company operating large-scale facilities. It maintains mining output while advancing data center conversion plans and securing long-term compute leases. The company is balancing ongoing mining economics with infrastructure repurposing opportunities. Core Scientific: Core Scientific is a publicly listed Bitcoin mining company operating data centers and mining infrastructure. It has been actively converting sites and terminating certain hardware agreements to support broader operational shifts. The firm exemplifies miners navigating unprofitable periods by redirecting capacity toward alternative compute uses. MARA Holdings Inc: MARA Holdings Inc is a large-scale Bitcoin mining company that has expanded its holdings and explored data center ventures. It recorded cash losses on mining in the recent quarter amid broader portfolio activities. The firm continues to hold significant Bitcoin reserves while evaluating new opportunities. Keel Infrastructure: Keel Infrastructure, formerly Bitfarms, is a Bitcoin mining company that has fully ceased its mining operations across multiple sites. It sold remaining Bitcoin reserves and is redirecting capital toward data center development instead. The firm recorded zero mining revenue expectations for the subsequent quarter as part of its strategic pivot. American Bitcoin Corp: American Bitcoin Corp is a Bitcoin mining entity with production tied to hosting arrangements. It has maintained lower costs relative to peers in recent operations while selling output. The company operates within a consolidated group structure that influences its reported economics. HIVE Digital Technologies: HIVE Digital Technologies is a Bitcoin mining company with operations spanning multiple countries and a focus on efficient sites. It has continued production while selling the majority of mined Bitcoin and expanding into new markets. The firm is evaluating its position amid broader sector shifts toward higher-value infrastructure uses. Bitdeer Technologies Group: Bitdeer Technologies Group is a vertically integrated Bitcoin mining company with self-mining and co-mining activities. It has focused on chip development and infrastructure builds while managing production levels. The firm continues to participate in mining but operates within an evolving competitive landscape. Mining Cycle Patterns: Bitcoin's hashrate has exhibited consistent post-halving declines followed by recoveries, aligning with established historical cycles rather than indicating a structural break. Regulatory Constraints: US states and localities are enacting moratoriums and restrictions on new data center development, elevating the strategic value of existing permitted and energised sites. Infrastructure Transition: Public Bitcoin miners are systematically shifting capacity from mining toward AI and high-performance computing contracts as economic incentives favor these uses.