Bitcoin Hashrate Abandons 1 Zettahash; Miner ‘Bleeding’ Signals Capitulation Risk
Network security slips to 988 EH/s as depressed hashprice forces miners to unplug despite $95k Bitcoin.
Bitcoin’s network security abruptly downshifted this weekend, with the global hashrate sliding below the psychological 1 Zettahash per second (ZH/s) threshold for the first time since October 2025. Data from Hashrate Index confirms the network is now clocking 988 EH/s, ending a 90-day streak of record-high computing power. The contraction signals acute distress among mining fleets, even as spot prices hold the $95,000 line.
The Profitability Disconnect
The decline is not a technical glitch; it is a capitulation. Despite Bitcoin trading near $95,700, the “hashprice”, the revenue miners earn per unit of computing power, remains the critical choke point. While spot prices look healthy to retail investors, operational margins are suffocating. Hashprice recently touched a bruising low of $34.55 per PH/s in November before a tepid recovery to $41.22 today. For inefficient fleets, this is below the survival line.
“The market can look resilient on the surface… but remains fragile at the margin, where a single difficulty uptick or a regional power spike can turn ‘operating’ into ‘curtailing’ quickly.”
Survival Metrics Flashing Red
The network’s difficulty adjustment on January 8 offered a meager 1.2% relief, dropping to 146.4 trillion. It wasn’t enough. Analysts note that the sector’s “survival metrics” indicate operations are effectively “bleeding out,” forced to unplug machines to preserve cash flow. The disconnect is stark: difficulty is near all-time highs while revenue efficiency languishes.
Markets are now pricing in a further difficulty drop of approximately 5.2% for the January 22 epoch. If realized, this would confirm that a significant portion of the network’s hardware has been forced offline, unable to weather the post-halving economics.
