Key facts
- Bitcoin's hashrate reached a seven-month high above 1 zettahash per second.
- Mining difficulty increased 5.92% on October 16, with further rises projected.
- Publicly traded miners have seen a 23% decline in realized hashrate due to AI shifts.
- Displaced mining hardware is estimated to be worth $1.5 billion.
Bitcoin's network hashrate has climbed to a seven-month high, indicating that miners continuing to secure the network are facing intensified competition. This surge occurs despite a significant industry shift where major publicly traded miners are reallocating capacity towards artificial intelligence workloads. According to BlocksBridge Consulting, the seven-day average hashrate has surpassed 1 zettahash per second (ZH/s), its highest point since March 3. The network's mining difficulty saw a 5.92% increase on October 16, with BlocksBridge projecting another 5.16% rise, totaling an estimated 11.4% increase across two consecutive adjustments. This suggests that smaller and mid-sized miners may be acquiring equipment previously used by larger operators transitioning to AI. Some industry observers view the rising hashrate as an indirect bullish signal for Bitcoin, reflecting continued institutional investment in mining companies.