Bitcoin’s seven-day average hashrate has slipped to roughly 915.8 EH/s — its lowest level in about three weeks — while wallets tied to miners released another 1,530 BTC over the same seven days.
By Michael Nguyen | September 27, 2026
The Hook: The Network’s Workforce Is Shrinking Again
Hashrate is the combined computing power miners dedicate to processing Bitcoin transactions and competing to add new blocks — think of it as the number of workers on the factory floor. When it falls, fewer machines are securing the network. When it rises, the network is healthier and more competitive.
According to mining data covering Sept. 20 through Sept. 26 reported by Digital Asset, the seven-day moving average stood at 915,844,520 TH/s on Sept. 26 — down roughly 34.86 million TH/s from a week earlier and the lowest reading since around Sept. 3. Bitcoin trades near 84,800 USD as of this writing, using the latest available price snapshot.
Public mempool mining data backs the weaker trend: individual daily and pool-level readings dropped below one zettahash during several late-September sessions after climbing above that threshold earlier in the month. CoinWarz recorded the network at roughly 954 EH/s on Sept. 25, after readings near 984 EH/s a day earlier, with levels above 1 ZH/s recorded on Sept. 15 and Sept. 9.
On-Chain Evidence: Miners Are Letting Go of Coins
The hashrate dip coincides with a steady drain from miner-controlled wallets. CryptoQuant data cited in the report put miner reserves at 1,192,766 BTC on Sept. 26 — down 1,530 BTC from seven days earlier.
Miner reserve tracks Bitcoin held in wallets associated with miners and mining pools. A falling balance means coins moved out, but the destination matters: outflows can be exchange sales, transfers to custodians, collateral arrangements, lending or other treasury moves. A decline does not prove every coin was dumped on the open market — but a sustained drip of outflows is how miner selling usually looks before it shows up anywhere else.
Notably, the trend reversed direction within the month. Earlier in September, miner reserves had actually risen by 261 BTC to about 1.1919 million BTC on Sept. 5. The latest week of outflows marks a turn back toward distribution.
The Core Conflict: Less Power, More Revenue Per Hash
Here is the counterintuitive part. Even as hashrate and reserves fell, Bitcoin’s Puell Multiple climbed 0.24 over the week to reach 1.13, per Digital Asset.
The Puell Multiple compares the daily dollar value of newly issued Bitcoin against its 365-day average — a rough gauge of how miner revenue compares to the norm. A reading above one means daily issuance revenue is running hotter than its one-year average. HalvingLens placed the metric near 1.01 on Sept. 26 and classified the level as normal, estimating daily issuance around 450 BTC and daily miner revenue near 37.8 million USD. The difference between readings comes down to data timing, price sources and methodology.
The picture for individual operators remains uneven. CleanSpark mined 593 BTC in August but sold 821 BTC during the month, finishing with 13,703 BTC held and an average operating hashrate of 38.3 EH/s. Hyperscale Data, meanwhile, stopped Bitcoin mining at its Michigan facility on Sept. 1 to prepare the site for an AI computing contract, with its Bitcoin holdings down roughly 79 percent from 1,006 BTC in July to about 215 BTC.
Market Implications: Context Is Everything
This week’s reading is a short-term dip, not a verdict. Hashrate swings naturally with block timing, power conditions, mining difficulty and equipment changes, and a seven-day average should not be read as proof that miners are broadly shutting down.
That said, the move extends a longer slide. Twenty One Capital CEO Raphael Zagury has described the period since the network’s late-2025 peak as Bitcoin’s first hashrate bear market, estimating the decline from the record at roughly 22 to 24 percent and linking part of the reduction to mining companies redirecting power and capital toward artificial intelligence computing. For regular investors, miner economics act as a slow pressure valve on price: when miners sell reserves to cover costs, that adds supply to the market; when reserves build, it removes supply. A 1,530-BTC weekly outflow is modest against Bitcoin’s overall trading volume, but the direction is worth watching.
What This Means for You
Probably nothing today — hashrate moves are background weather for long-term holders, not trading signals. But the pattern underneath this story is the real signal: energy and hardware that once secured Bitcoin are increasingly being pointed at AI datacenters, and the miners left behind are managing treasuries more actively than ever. Both trends shape how much Bitcoin hits the market over the coming quarters.
The Verdict
A three-week hashrate low plus a week of reserve outflows plus a Puell Multiple above one is a mixed scoreboard: fewer miners working, but the ones still working are earning relatively more per hash. Bitcoin’s block subsidy remains 3.125 BTC after the April 2024 halving, with the next reduction expected around 2028. Until then, every dip in mining power is a small reminder that the network’s security budget — and who is willing to pay for it — is quietly being renegotiated.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
915.8 EH/s and BTC still holding near 84.8k. dips like this usually mean marginal machines going offline, not miners giving up
1,530 BTC out is nothing tho, that is like 0.13 percent of the tracked 1.19M reserve. calling it a drain is a stretch
fair on size, but reserves built during the accumulation flip are the tell. you dont drain 1,530 BTC into a falling hashrate for fun
fair, but the direction flipped from accumulation to outflows. that reversal is the part people actually watch
1,530 BTC is one decent public miner worth of daily issuance across the sector, the flip matters as a signal but the size barely registers
915.8 EH/s three week low plus 1,530 BTC pulled from reserves. classic late september miner capitulation vibes
reserves emptied right as hashrate dipped below a zettahash, someone is switching machines off. coinwarz had it near 984 just a day before
or machines getting redeployed to a cheaper region or host. shutdowns and migrations look identical from the outside
redeployment angle checks out. Riot just cleared its Coinbase loan and freed 5,821 BTC the same week this dip showed up. big fleets are shuffling, small ones are unplugging
Hashrate was above 1 ZH earlier this month and now sits under it. Wait for the difficulty adjustment before calling this a trend.
CoinWarz had it near 984 EH/s on the 24th then 954 a day later. sources swing 30 EH/s apart, i would not panic over a three week low
the gap between sources is mostly block timing variance annualized, a slow day of blocks moves the 7d average way more than people think
30 EH/s gap between sources is wild. probably hashrate estimate models disagreeing on the same blocks again
915.8 EH/s with BTC near 84.8k and fees this quiet, margins on older rigs must be rough. watch the next difficulty retarget before judging anything
agreed on the retarget. if difficulty drops even 2-3% the story flips to miners switching rigs back on. these seven day averages lag both directions
1,530 BTC off miner wallets in a week is a drip, but paired with 915.8 EH/s it reads like the marginal s19 fleet finally hitting its break even. watched this exact pattern in mid 2024