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Miner Weekly – The Major Power Shift in Bitcoin Mining: Who Won the First Quarter?
In the first quarter of 2026, public Bitcoin miners experienced a significant shift in their operations, with the average network hashrate dropping from approximately 985 EH/s in Q4 2025 to 873 EH/s. This decline contrasts with the quarterly production figures of major publicly listed miners, which showed a slight decrease in their combined realized hashrate from about 297 EH/s in Q4 2025 to 291 EH/s in Q1 2026, as reported by TheEnergyMag.
Notably, companies like Core Scientific, IREN, Cipher Digital, TeraWulf, and Keel Infrastructure reduced their realized hashrate significantly, while others such as Bitdeer, MARA, and American Bitcoin expanded aggressively to capture the displaced network share. For instance, IREN's realized hashrate fell from 42.96 EH/s to 35.83 EH/s, and Cipher's dropped from 16.55 EH/s to 11.14 EH/s after ceasing operations at its Black-Pearl facility.
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“The ongoing shift has altered the financial logic of industrial mining, with miners increasingly shutting down their fleets to prioritize AI infrastructure over Bitcoin mining.”
In contrast, Riot Platforms increased its realized hashrate from 34.21 EH/s to 42.29 EH/s, while Bitdeer and MARA also reported gains. This divergence highlights a growing split within the public mining sector, as many companies disclosed large-scale fleet reductions and asset impairments directly linked to AI transitions.
Core Scientific anticipates further reductions in its mining operations throughout 2026, expecting only one or two sites to remain operational by year-end. The company reported an impairment expense of $266.5 million in Q1 2026, including $151.6 million related to mining equipment.
Overall, the shift towards AI infrastructure is reshaping the landscape of Bitcoin mining, with operators permanently repurposing facilities for AI applications, making it unlikely they will revert to Bitcoin mining in the near future.
Key Takeaways:
- Average network hashrate decreased from 985 EH/s to 873 EH/s.
- Core Scientific reported an impairment expense of $266.5 million in Q1 2026.
- Riot Platforms increased its hashrate from 34.21 EH/s to 42.29 EH/s.
Best Bitcoin Mining Pools in 2026
Choosing the right Bitcoin mining pool is crucial for maximizing mining profits. Some of the largest mining pools control over 20% of the network's total hashrate, making it essential for miners to select a pool that aligns with their goals.
Gomining has established itself as a reliable player in the cryptocurrency mining space, offering a robust platform tailored for various digital assets, including Bitcoin. The platform emphasizes accessibility, allowing users to mine Bitcoin without complex hardware setups, and provides transparent pricing and efficient energy usage.
BeMine stands out as a leading cloud mining platform, enabling users to participate in Bitcoin mining without managing hardware. By allowing individuals to purchase fractions of ASIC miners hosted in professional data centers, BeMine eliminates technical barriers and offers a seamless experience.
“BeMine integrates AI-driven mining strategies to optimize resource allocation to the most profitable cryptocurrencies.”
Both platforms offer unique advantages, such as real-time performance tracking and strong data security measures, ensuring a safe and efficient mining experience for users.
Key Takeaways:
- Gomining offers a user-friendly interface and transparent pricing for Bitcoin cloud mining.
- BeMine allows fractional ownership of ASIC miners, making it accessible for beginners.
- Both platforms emphasize security and efficiency in their mining operations.
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