Expert Suggests Bitcoin’s First Hashrate Bear Market As Network 145 EH/s
Key receivers
Since May 28, the Bitcoin network hashrate has dropped by 145 EH/s, falling to 885 EH/s as the price slipped to a February low.Hashprice dropped 26.96% to $28.26/PH/s in 30 days, in what Electron Energy CEO Rafa Zaguri called Bitcoin's first “hashrate bear market.”A difficulty reduction of 10.76% is planned for June 13, 2026, as payments below 1% of mining rewards are a long-term structural risk.
Hashprice has fallen 27% in 30 days as mining revenue shrinks
BitcoinAs of May 28, 2026, hashrateindex.com data shows that the network's computing power has slowed significantly, running at 1,030 EH/s. Today, this figure has fallen to 885 EH/s. The decline comes with a decline in mining revenue, which is closely linked. bitcoinMarket value.
At the time of press release, Hashprice, the estimated daily revenue generated by 1 petahash per second (PH/s) of computing power, stood at $28.26 as of June 7. Thirty days ago, on May 7th, that figure reached $38.69, which means that mining revenue is down 26.96% from a month ago.
Onchain fees cover less than 1% of mining rewards according to Block Times Drift in the last 10 minutes
Onchain payouts are negligible and account for less than 1% of mining rewards, representing just 0.73% of the total for the previous day, according to the average. One encouraging development is that the network's difficulty has decreased with recent fixes, which continue to moderate efforts to acquire new blocks. However, that means less computing power is needed to keep the network secure, and slots often move longer than the protocol's expected 10-minute average.
A major easing is expected on June 13, 2026. Although forecasts are subject to change, the next period could bring a decline of 10.76%, as slow block production continues. Currently, average block times over the past day have hovered around 11 minutes and 12 seconds.
The CEO of Electron Energy announced BitcoinFirst historical Hashrate Bear market
Rafa Zaguri, CEO of Electron Energy, argued that many network observers believe that the situation is becoming more difficult with mining participants. Bitcoin It's showing the first historical story.” Hashrate Bear marketHe said.
Zaguri said that this phenomenon is characterized by a gradual increase in the market, which has pushed the network. Hashrate It is 25 percent below the September 2025 peak as unprofitable mines continue to shut down, he wrote in an article on X last month. Although this development challenges the industry's long-term expectations Hashrate It's only going to get higher and higher, as the capital required to execute a 51% attack by Zaguri is huge, so Bitcoin's security remains tightly guarded.
Instead, Zaguri argues that the long-term challenge is a stagnant transaction fee market, which will eventually have to offset declining blockchain subsidies. Meanwhile, many publicly traded miners are shifting resources to artificial intelligence (AI) infrastructure, which will allow smarter and more disciplined operators to use Bitcoin's self-correcting problem mechanism, reducing competition and giving living participants a bigger share of the network's rewards.
A slowdown in the payment market is more of a long-term threat than a temporary one Hashrate Do not accept
For many analysts, the issue of the payments market is gradual but deeply structural in nature. The block subsidy is halved every four years, but transaction fees are currently less than 1% of mining rewards. Before the 2024 halving, transaction fees will represent a larger share of mining revenue than today. Over time, that imbalance can have far more serious consequences than a temporary contraction in hashret.
