The Bitcoin network's computing power has fully recovered from its first-half decline and returned to a clear uptrend, according to CryptoQuant on-chain data as of October 22, 2026. The network's True Hashrate settled at 1,000 EH/s (1 ZH/s), approaching the historical highs seen in late 2025.
CryptoQuant founder Ki Young Ju noted that miners are running at full capacity, and emphasized that the current cycle marks the transition of mining from venture-stage activity to a heavy industry controlled by large corporate capital. “Higher hashrate means stronger security and better fundamentals as a store of value. Public miners are backed by TradFi giants. This is an indirect bullish signal from institutional investors,” Ju wrote.
The growth in computing power has pushed mining difficulty to a record high of 140.58 T. The October 16 difficulty recalculation showed a 5.92% increase, one of the largest figures in 2026, and the next adjustment at the end of October is expected to raise the bar by another 4–6%.
Companies trading on US exchanges now control between 35% and 40% of the global hashrate, with operational stability supported by direct investments from traditional financial institutions. With BTC trading in the $80,000–$83,000 range and a hashprice of about $37/PH per day, mining remains profitable only for operators using flagship ASIC miners with energy efficiency of 9–12 J/TH and access to electricity below $0.08–$0.10/kWh. Less efficient equipment on expensive power is increasingly being disconnected.
The current stage is marked by reduced dependence of large mining pools on short-term spot price fluctuations. Firm contracts with institutional investors and partial integration of data center infrastructure for artificial intelligence workloads have created a stable cushion for the industry. With more than a year and a half until the next halving in April 2028, major players have a window for expansion, though this balance depends on current price levels holding; a deep market correction could test even institutional capital.
