Crypto & Digital Assets

Bitcoin Network Hashrate

Total computational work securing the Bitcoin network, monthly averages in EH/s. The defining shape: the May-July 2021 China-ban dip (180 to 85 EH/s within four weeks), the post-2024-halving recovery accelerated by S21-series ASIC efficiency gains, and the May 2026 reading above 1000 EH/s. Rising hashrate compresses miner margins because the same daily BTC issuance is split across more hash power.

Bitcoin network total hashrate (EH/s, exahashes per second), monthly averages. The May-July 2021 China mining ban produced the most dramatic drop in network history: from 180 EH/s to ~85 EH/s within four weeks as miners shut down or relocated. Post-2024-halving recovery accelerated faster than expected due to S21-series ASIC efficiency gains; hashrate crossed 1,000 EH/s in early 2026. Initial v1 estimates anchored to the editor-verified 1,010 EH/s May 2026 reading; verify monthly cells against Hashrate Index before publication.

Public Miner Hashrate Share

Self-mining operational hashrate for the 13 US-listed public Bitcoin miners. The top 3 (MARA, CleanSpark, IREN) each operate over 50 EH/s. The public miners account for roughly one-third of total network hashrate; private miners and unidentified pool participants cover the remainder.

Network total

982 EH/s

Public miners

385.5 EH/s

Public share

39.3%

Self-mining operational hashrate for the 13 tracked US-listed public Bitcoin miners, May 2026 snapshot. The top 3 (MARA, CleanSpark, IREN) each operate over 50 EH/s. Together the public miners account for roughly one-third of the global network; the rest is private miners (China underground, Russia, Kazakhstan, Argentina) plus unidentified pool participants. Initial v1 estimates; verify each row against the issuer's latest monthly operations update.

Hashprice Over Time

Hashprice ($/TH/day) is total miner revenue per unit of hashrate per day, the cleanest single number capturing mining unit economics. The 2021 bull peak around $0.43; the FTX-era trough at $0.07; the May 2024 Runes inscription spike that briefly drove hashprice to $0.13 after the halving; the current reading around $0.045 reflects post-halving subsidy compression plus elevated hashrate.

Hashprice ($/TH/day) is total miner revenue (block subsidy plus fees) divided by network hashrate per unit of time. Cleanest single number capturing mining unit economics. The 2021 bull peak around $0.43; the 2022 post-FTX trough at $0.07; the May 2024 Runes inscription protocol fee spike that briefly drove hashprice to $0.13 in the days after the halving; the May 2026 reading at $0.045 reflects post-halving subsidy compression plus elevated hashrate. Initial v1 estimates; verify against Hashrate Index 30-day moving average.

Miner AI/HPC Pivot Tracker

The structural pivot of the cycle. Public miners with substations, power contracts, and operational know-how are the cheapest path to GW-scale AI hosting capacity in 2026. The Core Scientific x CoreWeave saga (announced 2024 as $9B hosting, escalated to $9B acquisition mid-2025, terminated October 2025) set the template; IREN AI Cloud is the most mature standalone product.

Deals tracked

12

Operational MW

1033 MW

Active contracted MW

2183 MW

MinerCounterpartyMWYearsStatusAnnounced
Core Scientific (CORZ)CoreWeave59012Operational2024-06-04
Cipher Mining (Cipher Digital) (CIFR)Amazon Web Services (AWS)30015Announced2025-11
Cipher Mining (Cipher Digital) (CIFR)Fluidstack (Google guaranty)30010Announced2025-Q4
Applied Digital (APLD)CoreWeave25015Operational2024-06
Applied Digital (APLD)Undisclosed investment-grade hyperscaler20010Announced2025-09
IREN (IREN)Microsoft2005Announced2025-11
Applied Digital (APLD)CoreWeave15015Announced2025
Hut 8 (HUT)Bitmain (Hut 8 + Bitmain JV)807Operational2024-12
TeraWulf (WULF)Core42 (G42 subsidiary)6010Operational2024-12
Bit Digital (BTBT)WhiteFiber tenants (multiple)355Operational2024-Q4
HIVE Digital (HIVE)Buzz HPC tenants (multiple)183Operational2024-Q4
IREN (IREN)Together AI, Fluidstack, Fireworks AI5Operational2025

Public Bitcoin miners' announced AI/HPC hosting deals. The Core Scientific x CoreWeave deal history is the most volatile case in the sector: announced as a $9B 12-year hosting contract in June 2024, escalated to a $9B all-stock acquisition in July 2025, then the acquisition was terminated by CoreWeave in October 2025 over revised CORZ valuation. The original hosting contracts remain in force. IREN AI Cloud is the most mature standalone product. Initial v1; verify each row against the issuer's 10-Q or press release.

Public Miner Energy Mix

Disclosed energy source mix per public miner, May 2026 snapshot. IREN and HIVE Digital lead with near-100% renewable footprints. TeraWulf is the only meaningfully nuclear-powered public miner (Nautilus, PA). ERCOT-fed Texas miners report lower renewable percentages because their grid-mix attribution doesn't credit the underlying ERCOT renewable generation.

Energy source mix per public miner, May 2026 snapshot, sorted by renewables share. IREN and HIVE Digital lead with near-100% renewable footprints (hydro, geothermal, wind). TeraWulf is the largest nuclear-powered share thanks to the Nautilus site (PA). ERCOT-fed Texas miners (RIOT, CIFR, MARA) report lower renewable percentages because their grid-mix attribution doesn't credit the underlying ERCOT renewable generation. Initial v1; methodology varies across issuers, so treat as relative ranking.

All-In Cost per BTC by Miner

All-in cash cost to produce 1 BTC by US-listed public miner, Q1 2026 earnings basis. Sorted lowest to highest. The reference line at the BTC price makes the margin spread visible: IREN and TeraWulf operate at ~60% margins on the back of low-cost PPAs and nuclear power; the highest-cost operators run closer to 35% margins. Methodology varies across issuers.
BTC reference price$68,000

All-in cash cost to produce 1 BTC by US-listed public miner, Q1 2026 earnings basis. Bars sorted lowest to highest. The reference line at the BTC price ($80,500) makes the margin spread immediately visible: IREN and TeraWulf run at roughly 60% margins (low-cost PPAs + nuclear); Hut 8 and Bit Digital are closer to 35% margins. Methodology varies across issuers; treat as relative ranking, not strict accounting. Initial v1; verify each row against Q1 2026 10-Q.

Mining Capacity Build-Out (Current vs YE 2026 Target)

Current self-mining hashrate vs each company's year-end 2026 guidance target. Aggregate public-miner mining growth implied by guidance: from ~335 EH/s to ~442 EH/s, or roughly 32% by year-end. APLD is the only miner guiding lower as it decommissions older mining capacity to make way for AI datacenter buildout.

Current self-mining hashrate vs company-stated year-end 2026 target, EH/s. Aggregate public-miner mining growth implied by guidance: from roughly 335 EH/s to 442 EH/s, or ~32% by year-end. APLD is the only miner guiding lower (4.5 to 3.0) as it decommissions older mining capacity to make way for AI datacenter buildout. Guidance basis: Q1 2026 earnings calls. Initial v1; targets are revised quarterly.

US Mining Geography

US public-miner energized mining capacity (MW) by state. Texas at 45% of total because ERCOT's market structure (demand-response participation, negative-pricing periods during high wind output, low industrial power rates) makes it the cheapest and most flexible mining grid in the country. Georgia and North Dakota are the second-tier hubs.
Total US public-miner capacity7,100 MW

US public-miner energized mining capacity (MW) by state, May 2026. Texas dominates at 45% of total because ERCOT's market structure (demand-response participation, negative-pricing periods during high wind output, low industrial power rates) makes it the cheapest and most flexible mining grid in the country. Georgia and North Dakota are the second-tier hubs. Excludes hosted-customer and HPC capacity. Initial v1; verify against issuer site disclosures and Cambridge Bitcoin Mining Map.

Bitcoin ASIC Efficiency Comparison

Current-generation Bitcoin mining ASICs from Bitmain, MicroBT, Canaan, Bitdeer, and Auradine. Sorted by efficiency (J/TH, lower is better). Bitdeer SEALMINER A3 (9.5 J/TH on a 3nm node) is the first sub-10 J/TH commercial ASIC; engineering samples shipping with mass production expected Q3 2026. Bitmain Antminer S21 XP Hydro remains the dominant high-density deployment ASIC.
ManufacturerModelJ/THTH/sWatts$/THAvailability
BitdeerSEALMINER A4 Ultra Hydro9.48868,373$35Sampling
BitmainAntminer S23 Hydro9.55805,510$30Sampling
BitmainAntminer S23 (air)11.03183,498$22Mass prod
BitmainAntminer S21 XP Hydro12.04735,676$32Mass prod
MicroBTWhatsMiner M70S+12.52623,275$18Mass prod
CanaanAvalon A16 XP12.83003,840$19Sampling
MicroBTWhatsMiner M79S13.593012,555$28Sampling
BitdeerSEALMINER A2 Pro14.92553,800$13Mass prod
CanaanAvalon A1566HA16.84808,064$11Mass prod
AuradineTeraflux AT288017.32223,850$22Mass prod
CanaanAvalon A156618.51883,478$14Mass prod
MicroBTWhatsMiner M66S18.52985,513$14Mass prod

Current-generation Bitcoin mining ASICs from major manufacturers, sorted by efficiency (J/TH, lower is better). The Bitdeer SEALMINER A3 (9.5 J/TH on a 3nm node) is the first sub-10 J/TH commercial ASIC; engineering samples shipping with mass production expected Q3 2026. Bitmain Antminer S21 XP Hydro remains the dominant high-density deployment ASIC. MicroBT's M70S++ challenges directly. Canaan and Auradine are the price-competitive challengers. Initial v1; verify prices against Hashrate Index secondary-market data.

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Crypto & Digital Assets - Mining | Sterling