Publicly traded Bitcoin miners reduced their realized hashrate from 368.3 exahashes per second in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% decline. This contraction exceeds the Bitcoin network overall, which fell 10.6% over the same period. Core Scientific and TeraWulf now generate the majority of their revenue from non-mining activities, including colocation and HPC lease contracts. Core Scientific reported $136.7 million in colocation revenue versus just $27.5 million from Bitcoin mining, while TeraWulf recorded $31.9 million in HPC lease revenue. This trend reflects an unwinding of the expansion cycle that followed China’s Bitcoin mining ban in 2021.
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