In mid-August 2026, Bitcoin’s network hashrate sits roughly 17% below its all-time high. Trackers show it retreating from a late-2025 peak above one zettahash per second into a range near 850–920 exahashes per second. Difficulty has followed, posting year-over-year declines for only the second time in the network’s history. Public miners are redirecting power and capital toward artificial-intelligence data centers. Hashprice has compressed. Block rewards after the 2024 halving leave less room for error.
This is not the China ban of 2021. There is no single government decree. Yet the numbers look familiar: sustained hashrate contraction, multiple downward difficulty adjustments, and miners deciding that electricity…
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