Bitcoin’s hashrate is sliding into its first “bear market” for mining power, according to analysis cited by Bitcoin.com. The outlet says the network has shed 145 exahash per second (EH/s) since the close of May.

The timing matters. Bitcoin.com links the contraction to late-May weakness, then ties it to miner revenue stress. The story frames this as a shift in mining economics rather than a purely technical hiccup.

Hashrate contraction since late May

Bitcoin.com reports that 145 EH/s has exited the system since May 31. It also points to a specific reference point around May 28, 2026. From there, the narrative is straightforward: less hashing power is staying online, or more of it is leaving pools and stratum work, depending on the underlying cause.

Hashrate is only one side of the mining equation. The other side is what miners earn for the work they do. Bitcoin.com says “hashprice” fell 27% over 30 days as revenue tightened.

That combination is where the “bear market” framing comes from. When hashrate drops alongside falling hashprice, miners face a harder reality: their operating costs still exist even when the marginal reward per unit of hashing weakens.

Miner revenue squeeze and “hashprice” pressure

Bitcoin.com attributes the revenue tightening to hashprice falling 27% in 30 days. Hashprice is a practical metric because it approximates revenue per unit of hashing power. When it compresses that much, the incentive to keep machines running gets worse.

In practice, hashrate contraction usually reflects one or more of these pressures.

Miners throttle or switch off less efficient hardware. Miners with higher energy costs become the first to exit. Operators delay upgrades or expansion when margins look thin.

Bitcoin.com’s takeaway is economic. The network’s computational strength “retreated notably since May 28, 2026,” the article says, and it connects that retreat to the 30-day hashprice decline.

Why this matters for network security

Hashrate does not directly dictate transaction throughput. But it does matter for proof-of-work security because it reflects how much real-world compute is being aimed at securing the chain.

A sustained drop can change the threat cost profile for potential attackers, even if the system still has finality through consensus rules. If hashrate contraction continues, mining concentration could become more pronounced as weaker operators exit and only the most efficient setups stay online.

Bitcoin.com’s framing of “first hashrate bear market” is essentially a signal of regime change. The desk will flag the difference between noise and a trend. A short dip can happen for operational reasons. A 145 EH/s contraction tied to hashprice weakness hints that more than equipment churn is at play.

What to watch next

Bitcoin.com’s account gives two concrete datapoints to track.

First, the pace of hashrate exiting the system. The article cites 145 EH/s shed since end of May.

Second, whether hashprice stabilizes or keeps sliding. Bitcoin.com reports a 27% fall over 30 days.

If hashprice stops weakening while hashrate continues to drop, that points more toward capacity decisions and efficiency churn. If both keep moving in the same direction, it suggests miners keep getting squeezed.

For readers who watch protocol only, the key reminder is simple. In proof-of-work, the roadmap runs through power bills. Miners don’t need ideology. They need margins that make running rigs rational.

Note: The provided source text cuts off mid-sentence after “when the network,” so the desk cannot confirm any additional details beyond what’s included here.