As of September 26, Bitcoin’s weekly average hashrate has decreased to approximately 915.8 EH/s, with miner holdings falling by 1,530 BTC within that week, based on mining data from September 20 to September 26.
Summary
- Bitcoin’s seven-day average hashrate has slipped to 915.8 EH/s, marking its lowest point in the past three weeks.
- Miner Bitcoin reserves have decreased by 1,530 BTC over the week, totaling around 1.1928 million BTC.
- The Puell Multiple for Bitcoin increased by 0.24 during the week, reaching a value of 1.13.
- Network hashrate data indicated that it hovered below one zettahash during several late-September sessions.
- Major mining companies have continued to sell off mined Bitcoin as they adjust their operational approaches.
According to Digital Asset, the average hashrate recorded on September 26 was 915,844,520 TH/s, down around 34.86 million TH/s from a week prior. This figure represents the lowest point since early September.
Within this timeframe, data from CryptoQuant indicated miners held 1,192,766 BTC, down by 1,530 BTC from the previous week.
Bitcoin Hashrate Declines After September Surge
This hashrate decrease suggests that a lower amount of computational power was dedicated to securing the Bitcoin network compared to the week earlier.
Hashrate measures the total computational strength that miners allocate to process Bitcoin transactions and compete for adding new blocks. An increase in hashrate typically signifies greater participation in the mining process.
Data from public Mempool mining sources reflects this downtrend observed in late September. Daily figures from individual miners and pools fell below the one zettahash threshold after previously exceeding it in early September.
CoinWarz reported a Bitcoin network hashrate of approximately 954 EH/s on September 25, a significant drop from nearly 984 EH/s just a day earlier. Throughout September, daily estimates showcased notable fluctuations, even reaching above 1 ZH/s on September 15 and September 9.
This shift follows a lasting decline from Bitcoin’s peak in late 2025. CEO Raphael Zagury of Twenty One Capital referred to this phase as Bitcoin’s inaugural “hashrate bear market,” indicating a significant deviation from previous highs.
Zagury’s analysis highlighted a decline of around 22% to 24% from the late-2025 peak, attributing part of this downtrend to mining firms reallocating resources towards artificial intelligence computational needs.
The weekly average from September 26 serves as a brief observation and shouldn’t be misinterpreted as an overall reduction in mining capacity. Variations in Bitcoin’s hashrate can occur due to factors like block timing, energy conditions, mining difficulty adjustments, and the activation of different equipment.
Miner Reserves Decrease by 1,530 BTC Within a Week
During this same week, Bitcoin held by miners saw a notable drop. According to CryptoQuant data cited by Digital Asset, miner reserves stood at 1,192,766 BTC on September 26, reflecting a decrease of 1,530 BTC from the previous week.
CryptoQuant defines miner reserves as Bitcoin located in wallets tied to miners and mining pools. A reduction in this balance indicates that coins have moved out of these wallets, although the exact destinations and purposes may vary.
These outflows could involve sales on exchanges, transfers to custodial services, collateral transactions, lending arrangements, or other treasury activities. Hence, a drop in reserves does not conclusively imply that all transferred Bitcoin was sold on the market.
Earlier in September, miner reserves had briefly increased. Based on CryptoQuant’s data, miner holdings were nearly 1.1919 million BTC on September 5, signifying an uptick of 261 BTC from the week before.
Publicly traded mining firms exhibit diverse treasury management strategies. For instance, CleanSpark mined 593 BTC in August, but sold 821 BTC during the same period.
As reported by crypto.news, CleanSpark ended August with a total of 13,703 BTC, achieving an average operating hashrate of 38.3 EH/s. Some miners have curtailed or halted their operations, redirecting resources towards AI clients. As an example, Hyperscale Data suspended Bitcoin mining in its Michigan facility on September 1 to prepare it for an AI contract.
According to crypto.news, the company’s Bitcoin holdings dropped around 79%, from 1,006 BTC in July to roughly 215 BTC.
Notably, despite the decrease in miner reserves and hashrate, Bitcoin’s Puell Multiple rose over the week. Digital Asset reported a value of 1.13 on September 26, up by 0.24 compared to a week prior. This metric compares the current USD valuation of newly minted Bitcoin with its 365-day historical average.
A figure above one indicates that the daily revenue for miners from new Bitcoin issuance exceeds the average over the past year. However, this metric does not directly reflect miners’ profits, as it does not account for each operator’s energy, financing, or equipment expenses.
Public mining dashboards indicate similar values around the neutral spectrum. HalvingLens recorded the Puell Multiple at approximately 1.01 on September 26, categorizing it as standard. At that time, it estimated daily Bitcoin issuance at around 450 BTC and miner revenue at roughly $37.8 million.
Variations in individual Puell readings can occur due to data timing, price sources, and methodologies. The reported figure of 1.13 from Digital Asset pertains specifically to its source for September 26.
The current block subsidy for Bitcoin remains at 3.125 BTC since the halving event in April 2024. According to crypto.news’ updated guide, the next scheduled reduction is anticipated around 2028, at which point the subsidy will drop to 1.5625 BTC per block.
Mining Conditions Vary Across Regions
Mining environments have considerably varied among operators throughout September. For example, Ethiopia curtailed electricity supplied to Bitcoin miners to 23% of contracted amounts after reservoir inflows dropped by 20%, as reported by Ethiopian Electric Power.
As covered by crypto.news, Bitcoin mining utilized nearly a third of Ethiopia’s electricity, generating 35% of the utility’s revenue in the previous fiscal year.
The utility plans to evaluate conditions in October, and any additional restrictions could hinge on reservoir levels and energy demand. Despite the decline in the seven-day hashrate, Bitcoin maintained its usual block production. Mempool indicated that blocks continued to be mined on September 26, while pool shares and short-term hashrate forecasts fluctuated throughout the day.
Bitcoin’s difficulty adjustment occurs approximately every 2,016 blocks to accommodate fluctuations in network computational strength. The upcoming adjustment will reflect actual block generation over the complete difficulty period, rather than relying on any singular seven-day hashrate measurement.