Bitcoin Miners’ Estimated Hashrate Decline Equals $1.5 Billion in Rigs

During the first half of 2026, publicly traded Bitcoin miners lost an estimated 75 exahashes per second (EH/s) of realized hashrate. At an assumed $20 per terahash per second (TH/s), that capacity represents about $1.5 billion in mining machines.

The estimate values the capacity change; it is not a reported sale value or a measure of miners’ spending or losses. It also excludes the buildings, electrical systems and other infrastructure needed to operate the rigs.

Cipher Digital recorded a $96.1 million loss after arranging to transition its Black Pearl site to high-performance computing and classifying the mining rigs there as held for sale. The rigs generated about $57.9 million in revenue during 2025.

A separate review of 12 tracked companies put first-half 2026 impairment charges and held-for-sale markdowns at about $1.1 billion. That tally spans multiple companies and asset types, so it does not directly measure the hardware value tied to the estimated hashrate decline.

The shift to high-performance computing did not account for every mining write-down. For the first six months of 2026, Core Scientific recorded $266.5 million in charges for impaired mining equipment and infrastructure. Lower Bitcoin prices, reduced mining revenue per unit of hashrate and declining secondary-market equipment values were among the impairment indicators.

For miners converting sites, the financial outcome also depends on how much value they recover from displaced equipment, conversion costs and how long replacement facilities take to generate revenue. The available figures show the scale of the reassessment but do not establish whether high-performance computing will deliver better returns at each site.