The bitcoin (BTC) hashrate, the total computational power securing the network, fell for the first time in six years, dropping around 4% year to date. The rate has surged from roughly 100 exahashes per second (EH/s) to around 1.8 ZH/s, a 10-fold increase over the past five years. This shift reflects changing economics within the bitcoin mining sector, with production costs near $90,000 per bitcoin and the spot price closer to $67,000. Many publicly listed miners are shifting towards high-performance computing infrastructure, where returns are higher and more predictable. Despite the slowdown, CoinShares still predicts hashrate growth to about 1.9