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Bitcoin Miners’ Hashrate Drops 13.4% as AI Infrastructure Revenue Rises

Public Bitcoin miners are trimming capacity faster than the network itself, according to a BlocksBridge Consulting analysis shared in the Miner Weekly newsletter. The data points to a gradual redeployment of electricity, sites, and operational expertise toward data centers and high-performance computing (HPC)—a key shift in the sector’s business model. BlocksBridge reported that realized hashrate among a cohort of public miners fell from 368.3 exahashes per second (EH/s) in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% decline. The pullback was steeper when excluding Bitdeer, which continued to grow. Key takeaways Realized hashrate among public Bitcoin miners dropped 13.4% from Q4 2025 to Q2 2026, according to BlocksBridge’s Miner Weekly cohort. Without Bitdeer, the cohort’s realized hashrate fell 21.2%, indicating that most operators contracted more aggressively. Bitdeer was an outlier: its realized hashrate rose 44% to 63 EH/s during the same period. Bitcoin network average hashr...
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Bullish Shares Rally 10% After Q2 Adjusted EBITDA Triples

Bullish (NYSE: BLSH) shares jumped in early trading on Thursday after the institution-focused crypto exchange and CoinDesk owner reported a strong rebound in quarterly results. The company said second-quarter adjusted revenue climbed 62% year over year, while adjusted EBITDA more than tripled, reflecting both improved operating performance and a shift in where income was coming from. The stock’s move also followed a regulatory step in Gibraltar that broadens Bullish’s ability to operate in tokenized securities—an area that has increasingly drawn attention from traditional finance. Investors appear to be weighing the quarter’s financial momentum alongside the company’s push toward more regulated onchain market activity. Key takeaways Bullish reported second-quarter adjusted revenue of $92.6 million, up from $57.0 million a year earlier. Adjusted EBITDA rose to $29.5 million from $8.1 million, indicating a significant improvement in profitability. Subscription, services and other r...
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Analysts: Bitmine’s $257M annualized ETH staking income funds gaps, buybacks

Bitmine Immersion Technologies, described by its latest disclosures as the largest corporate holder of staked Ether, has pushed its staking balance beyond the 5 million ETH mark. In an announcement released Monday, the company reported holdings of 5.81 million staked Ether , projecting roughly $257 million in annualized revenue from staking-related income. The update arrives as Ether treasury firms are increasingly using staking to generate recurring cash flows—while still confronting the risk that reduced spot prices can erode margins and mark-to-market results. Recent figures underscore the tension: Cointelegraph reported that Ether staking accounted for about 98% of Bitmine’s revenue for the fiscal quarter ending May 31 . Key takeaways Bitmine says it has 5.81 million staked ETH , estimating $257 million in annualized staking revenue. According to Bitfinex analysts cited by Cointelegraph, staking drove ~98% of Bitmine revenue in the quarter ending May 31 . Ether’s staking ...
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Bitmine’s $257M Annualized Staking Income Helps Fund Buybacks, Analysts Say

Bitmine Immersion Technologies, currently the largest corporate holder of Ether, says its staked ETH has crossed the 5 million mark—an upgrade that could translate into significant recurring income. In a Monday announcement, the company reported that its ETH holdings reached 5.81 million tokens, with more than 5 million of them staked, estimating roughly $257 million in annualized revenue from staking. The development adds to a wider shift among crypto companies that are exploring Ether as a treasury asset that can generate “native yield,” even as markets remain sensitive to ETH price swings and staking economics. Key takeaways Bitmine says it has staked over 5 million ETH, estimating about $257 million in annualized staking revenue. According to Bitfinex exchange analysts cited by Cointelegraph, staking was the dominant source of Bitmine’s revenue in the quarter ended May 31. Staking income is not guaranteed: it depends on staking yield, ETH price assumptions, and operational an...
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Andre Cronje: DeFi Label Fades as On-Chain Finance Takes Over

Andre Cronje, the architect behind Yearn.finance and the creator of Fantom Network, says most decentralized finance has drifted away from what many in the sector have historically meant by “DeFi.” In a conversation with Cointelegraph during Chain Reaction X, Cronje argued that true DeFi exists only in small pockets, while the broader ecosystem has evolved into something closer to conventional finance layered on-chain. His remarks arrive as quantitative signals point to contraction in DeFi activity and as regulators and policy makers continue to scrutinize whether DAOs are genuinely decentralized enough to remain outside traditional oversight. With DeFi total value locked (TVL) falling sharply and governance widely concentrated in major protocols, the debate over decentralization—technical, economic, and legal—has moved from philosophy to governance design and regulatory classification. Key takeaways Andre Cronje argues that most DeFi today is no longer “true DeFi,” because intermedia...
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Andre Cronje Says “DeFi” Is Gone, On-Chain Finance Now

Andre Cronje, founder of DeFi platform Flying Tulip and creator of the Fantom Network, says “most” decentralized finance no longer fits the strict definition of DeFi. Speaking during Cointelegraph’s Chain Reaction X Spaces event on Thursday, Cronje argued that true DeFi should be decentralized, immutable, and free of intermediaries—conditions he believes many major protocols no longer meet. His comments come as industry-wide concerns about concentration in DeFi governance and real-world controls continue to grow, alongside data showing DeFi activity has cooled substantially over the past year. According to DefiLlama, total value locked (TVL) in DeFi has fallen to about $75 billion, down from roughly $167 billion in early October 2025—more than a 50% decline. Key takeaways Andre Cronje argues that most current DeFi relies on intermediaries and decision-makers, undermining the “true DeFi” model. Cronje frames the shift as movement toward “onchain finance or open finance,” rather than...
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Glassnode: Speculative demand keeps Bitcoin under $68.7K

Bitcoin has remained trapped in a tight trading band since early June, and on-chain data suggests the latest pressure is coming from short-term holders trying to exit around levels where they’re closest to breakeven. Glassnode’s latest weekly on-chain analysis points to realized-price “resistance” formed by speculative investors who bought within the past six months, while Bitfinex Alpha highlights how a concentrated supply slice is repeatedly flipping between profit and loss as spot trades inside the range. With BTC/USD stuck between roughly $58,000 and $68,000, the market appears to be working through a recurring pattern: rebounds are being met by holders looking to reduce exposure, even as long-term participants continue to absorb repeated tests from below. For traders, the key question is whether the speculative selling pressure can finally be exhausted—or whether the range simply persists. Key takeaways Glassnode estimates Bitcoin short-term holders are about 7.2% underwater ove...
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