Bitcoin hashrate fell to about 915.8 EH/s on Sept. 26, while tracked miner reserves dropped by 1,530 BTC over seven days. Both measures weakened during the period.
What Happened to Bitcoin Hashrate in Late September?
Digital Asset reported that the seven-day moving average came down to 915,844,520 TH/s on Sept. 26, falling 34.86 million TH/s lower than the level observed a week prior, 947.94 million TH/s on Sept. 19.
This represented the lowest level since around Sept. 3. Bitcoin hashrate refers to the aggregate computational power utilized by miners processing transactions and competing to mine new blocks.
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Public Mempool data tracked a comparable pattern, with network estimates dropping below 1 zettahash after resuming above this threshold earlier in September.
On Sept. CoinWarz estimated the network’s hashrate close to 954 EH/s. This was a decrease of 25 down from the previous day, which had about 984 EH/s. The change highlighted the sharp swings that can occur in short-term hashrate readings.
CoinWarz previously reported levels that surpassed one zettahash earlier in the month during Sept. 9 and Sept. 15. Those reads were previous to the latest drop in the network computing power.
Why Did Network Computing Power Fall?
This is the latest drop in Bitcoin hashrate since it peaked in late 2025 and was part of a larger pullback from the network. Raphael Zagury, the CEO of 21 Capital, said that it was the first ‘hashrate bear market’ for Bitcoin.
His talk estimated network computing power is down 22% to 24% from a previous record. According to Zagury, some of that reduction is due to miners moving electricity and capital to artificial intelligence computing.
Some operators have begun to move data center resources into AI and high-performance computing. This change can impact distribution of electricity and infrastructure.
Hyperscale Data stopped Bitcoin mining at its Michigan facility on Sept. 1. The company was setting up the site for an AI computing contract.
The Sept. 26 average doesn’t indicate that all miners are cutting down. Bitcoin hashrate can vary due to block timing, power, and mining difficulty, as well as maintenance and changes in active equipment.
Who Reduced Miner Bitcoin Holdings?
According to CryptoQuant data shared by Digital Assets, miner reserves stood at 1,192,766 BTC on September 26, representing a drop of 1,530 BTC from the level seen a week prior.
Miner reserves denote Bitcoin holdings stored in wallets linked to mining operations. When a miner reserve balance decreases, it indicates Bitcoin transfers away from monitored wallet addresses.
The reserve metric fails to reflect the movement of Bitcoin from miner-related wallets. Transfers may include exchanges, custody, collateral, lending, etc., and treasury operations.
Hence, liquidation of miner reserves does not imply that all the transferred Bitcoin has been liquidated. The data is reported on coin movements only with tracked addresses.
Earlier September data showed a different trend. Miner holdings were running at almost 1.1919 million BTC as per the figures by CryptoQuant on Sept. 5 after holdings increased by 261 BTC over the previous week.
Mining companies also adopt a varying treasury policy. CleanSpark had mined 593 BTC in August but sold 821 BTC in the same period.
CleanSpark has 13,703 BTC in its wallet up to the end of August. Besides, the company also revealed its average operating hashrate per day, which stood at 38.3 EH/s.
Where Are Energy and AI Pressures Emerging?
During September, mining conditions varied throughout regions. When inflows into the reservoirs dipped by 20% from contracted amounts, Ethiopia cut electricity to Bitcoin miners by 23%.
According to Ethiopian Electric Power, Bitcoin mining consumes almost 30% of the nation’s electricity. The sector also generated about 35% of the utility’s revenue during the previous fiscal year.
Additional limits may be determined by reservoir volumes, load on the electrical grid, and energy available for the grid.
In the United States some operators are altering the use of the mining sites. The Michigan shutdown of Hyperscale Data was a demonstration of how AI contracts could replace the operations of Bitcoin at the individual site level.
Its Bitcoin holding was cut by the company from 1,006 coins in July to approximately 215 coins. This is a drop of about 79%.
When Could Mining Conditions Shift Again?
Mining revenue indicators behaved differently in the past week than hashrate and reserves for Bitcoin. According to Digital Asset data, the Puell Multiple had risen to 1.13 on Sept. 26, up 0.24 over seven days.
The Puell Multiple shows the U.S. dollar value of newly generated Bitcoin on a daily basis vs. its 365-day moving average. If it is over one, it indicates that daily issuance revenue is higher than the average of the last year.
The measurement is not the actual miner profit. This does not include the costs of electricity, financing, debt, equipment, or other operating expenses.
HalvingLens showed that the Puell Multiple was around 1.01 on Sept. 26 and classified the level as normal. The estimated daily issuance for miners was near 450 BTC, and the estimated daily miner revenue was $37.8 million.
What Comes Next for Bitcoin Miners?
Bitcoin’s block subsidy has been reduced to 3.125 BTC after the April 2024 halving. The next halving is currently expected to occur in 2028 when the reward will drop to 1.5625 BTC per block.
The network then resumed normal block processing on Sept. 26 despite the lower weekly hashrate average. Mempool data showed blocks clearing while mining pool shares shifted during the day.
The Bitcoin mining difficulty changes approximately every 2,016 blocks. The next adjustment will be based on production over the entire difficulty period and not just one hash rate value over a 7-day window.
The latest numbers show a decrease in computing power, miner reserves, and mixed revenues. Network hash rate will be reflected in upcoming data confirming trends of stability or continuing drop from late September.
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