Five major listed miners, IREN, Core Scientific, Bitfarms, TeraWulf and Cipher, have cut their bitcoin production by 47%, from 13,263 to 7,075 units, while announcing more than $50 billion in leases for artificial intelligence and high-performance computing. Production at IREN, Core Scientific and TeraWulf fell by more than 50% each, compared with declines of 49% at Bitfarms and 18% at Cipher. Despite this shift, Bitcoin’s hash rate rebounded by 11.7% after dropping more than 18% on August 6 to below 900 EH/s and now stands less than 9% below its record high. The network added 105 EH/s from its low, while 35 EH/s were attributed to companies transitioning toward artificial intelligence, with newer machines and other operators replacing the retired capacity. MARA, CleanSpark, Riot, HIVE and American Bitcoin increased their combined output by 16%, while Bitcoin’s recovery above $80,000 improved miner revenues and reduced the financial pressure to sell.
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