Bitcoin Hashrate Reclaims 1 ZH/s as Hashprice Slides Lower

Bitcoin’s hashrate has climbed back above 1,000 exahash per second (EH/s), or 1 zettahash per second (ZH/s), as of March 28, 2026. However, hashprice has fallen to $31.60 per petahash per second (PH/s) per day, a 6.65% drop in just three days. Despite tighter miner margins, the network continues to produce blocks faster than the 10-minute target.

The recent decline in hashprice has pushed 15% to 20% of the global Bitcoin mining fleet into unprofitability, especially operators using older hardware or facing higher electricity costs. Hashprice hit $28 PH/s/day in February 2026, marking a post-halving low. Even after recovering to $33 PH/s/day, miner margins remain compressed.

Public Bitcoin mining operations are losing roughly $19,000 per coin mined, with production costs averaging $79,995 per Bitcoin in Q4 2025. At a Bitcoin price near $70,000, this creates a significant operating loss. In response, miners are pivoting toward AI infrastructure and have secured $70 billion in AI/HPC contracts.

How Are Miners Responding to Weaker Economics?

Miners are operating with thin margins and are keeping machines online despite reduced profitability. This persistence suggests that operators believe market conditions will improve before further adjustments are needed. The next difficulty adjustment is expected on April 2, 2026, with an estimated 6.43% increase likely to further squeeze miner revenue.

Transaction fees have been minimal, contributing just 0.43% of total block rewards as of March 28. This indicates that onchain activity is not currently providing much relief to miners. The network continues to produce blocks with an average interval of 9 minutes and 23 seconds.

To fund the shift to AI infrastructure, miners are liquidating Bitcoin holdings and taking on significant debt. Companies like CoreWeave and Hut 8 have already begun generating substantial AI revenue. If Bitcoin prices remain below $80,000, the mining squeeze could intensify, potentially forcing more miners to exit.

What Could Happen If Bitcoin Prices Stay Low?

If Bitcoin prices remain subdued, further pressure on mining economics is expected. Publicly listed miners have already reduced their Bitcoin treasuries by over 15,000 BTC, indicating financial distress and a strategic pivot away from Bitcoin mining. This trend is likely to continue as miners seek to diversify revenue streams and reduce exposure to volatile cryptocurrency markets.

Miners with structural advantages, such as access to low-cost power or efficient hardware, are better positioned to survive the downturn. These operators are more likely to remain profitable even as hashprice continues to fall. The industry is becoming increasingly concentrated among firms with these competitive advantages.

The shift to AI infrastructure is also changing the global hashrate distribution. The U.S., China, and Russia now control about 68% of the network, while new entrants like Paraguay and Ethiopia are emerging in the top 10 mining countries.

The mining industry is undergoing a structural transformation as operators pivot to alternative revenue streams. While the immediate outlook for Bitcoin miners is challenging, long-term adjustments may stabilize returns for those with a sustainable cost structure.