Bitcoin hashrate 50% below trend as miners shift to AI

According to a CoinShares report, Bitcoin's total network hashrate is about 50% below its expected growth trend as miners repurpose infrastructure for AI and high-performance computing. The average cost to mine one Bitcoin for public miners in Q2 was about $75,500, while HPC yields ~$1.5M per megawatt per year versus $500K for mining.

• Bitcoin network hashrate is about 50% below growth trend
• Average cost to mine 1 BTC for public miners is about $75,500
• HPC yields ~$1.5M per MW per year, mining $500K
• Core Scientific paid $41.9M to cancel chip deliveries for 15 EH/s