Bitcoin's network hashrate has suffered its most significant decline since China's 2021 mining ban, dropping approximately 12% from its November peak to around 970 exahashes per second (EH/s) as of late January 2026. This marks the lowest hashrate level since September 2025, according to data from analytics firm CryptoQuant.
The sharp contraction was accelerated by severe winter storms across key United States mining hubs, which disrupted power supplies and forced several publicly listed mining companies to temporarily shut down operations. These curtailments were implemented both to protect infrastructure and to comply with grid operator requests, amplifying an existing softening trend that began when Bitcoin retreated from its all-time high of $126,000 toward the $100,000 level in late 2025.
The hashrate shock has had an immediate and severe impact on miner economics. Daily Bitcoin mining revenue plunged from roughly $45 million on January 22 to a yearly low of $28 million just two days later on January 24. Although revenue saw a modest rebound to around $34 million, it remains well below recent averages, reflecting both reduced network activity and weaker Bitcoin prices, which were trading near $77,364 at the time of reporting.
Production figures illustrate the scale of the downturn. Output from the largest publicly traded miners collapsed from 77 Bitcoin per day to just 28 Bitcoin over the same period. Production from other, non-public miners fell from 403 Bitcoin to 209 Bitcoin daily. On a 30-day rolling basis, this represents the steepest production decline since mid-2024, shortly after the last Bitcoin halving event. Public miners saw a 48 Bitcoin decline, while other miners shed approximately 215 Bitcoin.
Profitability metrics have deteriorated sharply. CryptoQuant's Miner Profit and Loss Sustainability Index fell to a reading of 21, its lowest point since November 2024. This level indicates miners are operating under deeply stressed conditions, with revenues failing to cover costs for a growing portion of the network. Although the Bitcoin network has executed multiple downward difficulty adjustments over recent epochs, providing some cost relief, this has been insufficient to offset the dual pressures of falling Bitcoin prices and operational disruptions caused by the weather.
Analysts warn that if the suppressed hashrate persists, the network could see further difficulty cuts in the coming weeks. The current data points to one of the most challenging operational environments for Bitcoin miners since the industry-wide reset following China's mining ban over four years ago, with market sentiment remaining bearish and miner strain likely to continue until prices stabilize and energy supplies normalize.
