Bitcoin Mining Difficulty Climbs, but the Hashrate Rebound Needs Better Evidence
CryptoQuant estimated Bitcoin’s hashrate at 1, 000 exahashes per second on October 22, 2026, while CoinWarz recorded a sharp rise in mining difficulty. The figures point to intense competition among miners, but the available data do not fully confirm the scale of the hashrate rebound or show whether miners are making money.
- CryptoQuant’s October 22 estimate: 1, 000 EH/s, or 1 zettahash per second.
- CoinWarz lists difficulty at 140.58 trillion after a 5.92% increase on October 16.
- Hashrate and difficulty do not measure miner profitability or ownership concentration.
- AI infrastructure may diversify some mining businesses, but it is no guaranteed hedge against a Bitcoin downturn.
A major hashrate estimate, with a measurement caveat
CryptoQuant’s “True Hashrate” estimate reached 1, 000 EH/s on October 22, 2026. One zettahash per second equals 1, 000 exahashes per second. CryptoQuant founder Ki Young Ju said the network’s hashrate was back in an uptrend, with miners running at full capacity.
Hashrate measures how quickly miners perform hashes as they search for a valid block. It is not a direct count of machines or a reading from every mining facility. Providers estimate it using block production and difficulty over a set period, so results can vary by method and averaging window.
That makes comparisons with earlier figures tricky. Hashrate Index reported a seven-day average of 946 EH/s and a 30-day average of 934 EH/s on September 21, 2026. Those figures predate CryptoQuant’s October estimate and use different stated measures. They neither disprove the later estimate nor independently confirm it.
The available information does not specify how CryptoQuant calculates “True Hashrate.” Without that detail or a comparable series from the same provider, it is hard to establish the scale of the claimed recovery or compare it confidently with late-2025 levels.
Difficulty rose sharply in October
Bitcoin adjusts mining difficulty roughly every 2, 016 blocks to keep block production near an average of 10 minutes. If blocks were found faster than that during the previous period, difficulty generally rises. If they were found more slowly, it can fall.
CoinWarz lists difficulty at 140.58 trillion on October 22, 2026. Its history shows a 5.92% increase on October 16, from 132.72 trillion to 140.58 trillion. That confirms a substantial adjustment, but the figures provided do not establish an all-time record. The displayed CoinWarz history covers only a limited recent period.
A further 4% to 6% increase was forecast for the end of October. That was a projection, not a confirmed outcome in the available data. Difficulty alone also says nothing about who owns the mining equipment or whether operators are making a profit.
For a basic explanation, cryptocurrency mining difficulty determines how hard it is to find a valid block.
More competition does not mean better margins
Hashprice estimates mining revenue per unit of computing power over time. Hashrate Index reported spot hashprice of $40.93 per PH/s per day on September 21, 2026, and a 30-day average of $39.08. Those are September figures. They do not verify the roughly $37 per PH/s per day cited for October 22.
Hashrate Index also estimated daily mining revenue by equipment efficiency in September: $136 per megawatt-hour for fleets under 14 J/TH, $99 for 14-19 J/TH, $74 for 19-25 J/TH, and $51 for 25-38 J/TH. These are revenue estimates, not net-profit figures. Miners still have to cover power, equipment, cooling, maintenance, staffing, hosting and financing costs.
J/TH means joules per terahash. A lower number means a machine uses less energy to perform the same amount of computing work. More efficient hardware and cheaper electricity can help miners compete, but there is no universal electricity-price cutoff for profitability. It depends on the machine’s cost and performance, operating expenses, uptime, fees, Bitcoin’s price and network difficulty.
If Bitcoin’s price falls while difficulty stays high, miners can face a squeeze. Revenue falls while competition for block rewards remains intense. Efficient equipment and low-cost power give operators an advantage, but they do not protect them from a bad market.
AI can diversify some miners, but it is not a sector-wide safety net
Some mining companies are building artificial-intelligence infrastructure alongside Bitcoin mining. In a June 2026 update, Bitdeer reported 4, 248 GPUs deployed, an 89% utilization rate and approximately $76 million in annual recurring revenue for its AI Cloud metrics.
These figures come from the company. The available details in the update do not explain the precise denominator behind the utilization rate. Annual recurring revenue is also a forward-looking run-rate measure, not revenue already collected or profit earned.
Bitdeer’s figures show that at least one company is developing an AI business alongside mining. They do not show how much mining capacity has shifted to AI, whether that business is profitable, or whether AI revenue will offset mining losses across the sector. Diversification can reduce dependence on one income source, but it cannot eliminate market risk.
Claims that U.S.-listed mining companies control 35% to 40% of global hashrate also need more support. The estimate comes without a company list or a clear definition of “control.” Owned machines, hosted equipment and pool participation are different measures. They should not be combined into one share without explaining the calculation.
Hashrate and security are related, but not interchangeable
A higher hashrate can increase the computing work an attacker would need to compete with, all else being equal. That matters for Bitcoin’s proof-of-work security. But hashrate alone does not show how concentrated ownership is, how much influence individual mining pools have, or whether miners are financially resilient.
Ki Young Ju has described higher hashrate and institutional backing as bullish for Bitcoin’s security and store-of-value case. That is an interpretation, not a conclusion proved by the hashrate figure. Publicly traded miners may have better access to capital, but their balance sheets and business decisions remain exposed to price swings, operating costs and financing conditions.
The next Bitcoin halving is expected around April 2028, though it is triggered by block height rather than a fixed calendar date. The subsidy reduction will make miners’ costs, equipment efficiency and transaction-fee revenue important to their economics. It is a future business consideration, not an explanation for the October hashrate estimate.
Key questions about Bitcoin mining
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Did Bitcoin’s hashrate reach 1 ZH/s?
CryptoQuant estimated 1, 000 EH/s on October 22, 2026. Its calculation method is not available here, so treat the figure as a provider estimate, not a directly measured total.
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What does the 140.58 trillion difficulty figure show?
CoinWarz lists that value on October 22, after a 5.92% increase on October 16. It reflects mining difficulty, not profitability or ownership concentration. Earlier sharp downward adjustments include a 10% difficulty drop.
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Does higher hashrate mean Bitcoin is more secure?
It can increase the computing work required for certain attacks, all else being equal. By itself, it does not prove mining is decentralized or settle broader questions about network security.
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Can AI revenue protect miners from a Bitcoin downturn?
Some firms, including Bitdeer, report AI infrastructure and revenue. That shows diversification at particular companies, not a reliable hedge for the mining sector as a whole. Mining companies have also faced price pressure and AI competition alongside falling difficulty.
Further reading
- Research on Bitcoin mining’s structural transformation in the AI era
- How a 3% difficulty drop can affect Bitcoin miners and the network
