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Bitcoin’s listed miners are walking away. The hashrate isn’t.
IREN, Core Scientific, Cipher, TeraWulf and Bitfarms have announced $50B+ in AI and HPC leases. Their BTC output fell 47% year-on-year, from 13,263 to 7,075 BTC.
Yet the network has added ~105 EH/s since its August 6 low and now sits 8.8% below its all-time high.
Private, sovereign and non-US operators are filling the gap, while MARA, Riot and CleanSpark keep buying machines and take the share.
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