Bitcoin’s hashrate, which had surged to a record 976 exahash per second (EH/s) based on the seven-day simple moving average (SMA) on August 8, 2025, has since retreated to around 900 EH/s. This 76 EH/s drop within four days coincides with a 1.42% difficulty adjustment at block height 909216, signaling the beginning of a recalibration phase for the network [1]. The decline follows a period of sustained growth driven by increased mining infrastructure and broader adoption of the cryptocurrency.
The difficulty increase appears to be a primary factor in the hashrate’s moderation. As the network becomes more competitive, miners with less efficient hardware or higher electricity costs may reduce their operations or temporarily step offline. This dynamic is a normal feature of Bitcoin’s protocol, which is designed to maintain an average block time of around ten minutes by adjusting difficulty every 2,016 blocks [2]. Currently, the average block time has stretched to 11 minutes and 4 seconds, raising the possibility of a difficulty decrease at the next retarget on August 24, 2025. Analysts estimate a potential 9.64% reduction, based on the current pace of block discovery [3].
Despite the recent decline, Bitcoin’s hashrate remains at historically high levels. The estimated hashprice, which reflects the revenue per unit of mining power, has risen to $58.76 per petahash (PH/s) as of the latest data, up 2.55% from four days prior. While this figure is still 4.72% below the July 14 peak of $61.67, it remains significantly higher than earlier in the year, indicating continued profitability for many operators [4].
The leading mining pools—Foundry, Antpool, Viabtc, F2pool, and Spider Pool—continue to dominate the network, collectively controlling 78.39% of the hashrate. Their performance underscores the concentration of mining power, a factor that remains a subject of scrutiny in discussions about decentralization.
As the network approaches the next difficulty adjustment, the balance between hashrate, price, and operational costs will play a critical role in shaping miner behavior. If Bitcoin’s price maintains its upward momentum, rising revenue per unit of output could help offset lower hashrate growth and stabilize miner participation. However, if price momentum weakens, further consolidation among mining operators may accelerate, reshaping the competitive landscape [5].
Sources:
[1] Bitcoin Hashrate Cools After Record as Difficulty Bites, https://news.bitcoin.com/bitcoin-hashrate-cools-after-record-as-difficulty-bites/
[2] Bitcoin Hashrate Cools After Record as Difficulty Bites, https://news.bitcoin.com/cs/bitcoin-hashrate-ochlazuje-po-rekordu-jakmile-obtiznost-roste/
[3] News – Mining | CryptoRank.io, https://cryptorank.io/news/tag/mining
[4] News – Bitcoin | CryptoRank.io, https://cryptorank.io/news/tag/bitcoin
[5] Bitcoin Hashrate Cools After Record as Difficulty Bites, https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-hashrate-cools-after-record-as-difficulty-bites
