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 hashrate declined 10.6% over the same six months, suggesting miners’ reductions outpaced the broader network.
• Several miners are increasingly deriving revenue from non-mining activities such as colocation and HPC leasing.

Miners shrink capacity faster than the network

BlocksBridge’s latest Miner Weekly update frames the change as part of a longer transition underway in the mining industry. In its reported cohort, realized hashrate decreased from 368.3 EH/s in Q4 2025 to 319 EH/s in Q2 2026. When Bitdeer is removed from the comparison, the decline becomes more pronounced: realized hashrate drops from 324.6 EH/s to 255.9 EH/s, or 21.2%, across the six-month span.

Bitdeer’s figures diverge sharply from the rest. BlocksBridge reported that Bitdeer’s realized hashrate increased 44% to 63 EH/s, highlighting how competitive dynamics among public miners have started to split between those expanding and those contracting.

For context, BlocksBridge also noted that the Bitcoin network’s average hashrate fell 10.6% over the same period. The gap—miners reducing faster than the network—matters because it can signal that some operators are prioritizing other uses for capital and power rather than continuing to chase mining economics.

Why non-mining revenue is becoming more central

Alongside the capacity pullback, the sector’s revenue mix is shifting. The article points to growing contributions from non-mining activities—particularly colocation and HPC leasing—at miners that have positioned their power and infrastructure for broader technology demand.

In an example highlighted alongside the hashrate data, Core Scientific generated $136.7 million in colocation revenue in Q2, compared with $27.5 million from Bitcoin mining. Similarly, TeraWulf reported $31.9 million in HPC lease revenue versus $12.8 million from mining.

While the specific companies referenced show the trend clearly, the overall message is broader: the economics of mining alone are not carrying the same weight they once did. For investors and market observers, that shift changes how to interpret operational performance. Realized hashrate trends may no longer map cleanly to profitability if more of a miner’s earnings depends on leasing, hosting, or AI-related workloads rather than block rewards and transaction fees.

The post-2021 mining migration is losing momentum

BlocksBridge attributed the current slowdown to the unwinding of the expansion cycle that followed China’s 2021 Bitcoin mining ban. That policy shock triggered one of the most dramatic hashrate declines in Bitcoin’s history, followed by a recovery as miners relocated overseas.

North America became a key destination, where migration and new operational capacity supported an expansion among public miners. The analysis frames that phase as a capital-raising and build-out period—one characterized by power-site acquisitions and a push to scale mining infrastructure.

However, the newsletter argues that after a halving cycle, conditions look materially different. Weaker mining profitability is paired with escalating demand for AI infrastructure since 2022, creating incentives for some public miners to repurpose sites and shift power capacity away from Bitcoin mining entirely.

That doesn’t mean the mining business is disappearing, but it does suggest a structural change in priorities. Instead of simply competing to add more hashpower during favorable windows, operators are increasingly treating their electricity access and data-center capabilities as an asset that can serve multiple markets.

What to watch next: divergence among operators

The most important signal in the BlocksBridge report is divergence. Bitdeer’s continued realized hashrate expansion contrasts with more aggressive contraction from other public miners in the cohort, while Bitcoin network hashrate overall falls more moderately. For readers tracking the sector, the next question is whether the gap between “expanding” and “contracting” operators persists as electricity costs, hosting demand, and AI workloads evolve.

As more miners report meaningful revenue from colocation and HPC leasing, future comparisons may need to focus less on how quickly companies add or remove mining equipment and more on whether their non-mining services can sustainably offset changes in mining profitability.

Bullish shares jumped around 13% in early trading Thursday after the institutional-focused crypto exchange and CoinDesk owner reported a 62% year-over-year increase in second-quarter adjusted revenue and more than tripled its adjusted EBITDA.

Bullish reported $92.6 million in adjusted revenue for the quarter, up from $57 million a year earlier, while adjusted EBITDA rose to $29.5 million from $8.1 million. Adjusted net income reached $14.3 million, reversing a $6 million loss in the year-ago quarter.

Subscription, services and other revenue hit a record $62.7 million, helping offset weaker exchange activity. The company recorded $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier, while average daily volume fell to $2 billion from $2.2 billion.

The NYSE-traded BLSH shares were up more than 10% on Thursday morning. Source: Yahoo Finance.

The company also received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets.

Bullish lifted its full-year guidance, forecasting $225 million to $245 million in subscription, services and other revenue, citing its first-half performance and improved visibility.

Thursday’s rally extends a recent rebound for Bullish shares, which have gained around 20% over the past month. The stock, however, remains about 70% below its post-listing highs last year, according to Yahoo Finance data.

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Publicly traded Bitcoin miners are cutting mining capacity faster than the Bitcoin network overall, suggesting that more operators are redirecting electricity and infrastructure toward data centers and high-performance computing (HPC), in another sign of the sector’s evolution beyond creating more crypto.

In the latest Miner Weekly newsletter, BlocksBridge Consulting reported that realized hashrate among a cohort of public Bitcoin miners fell from 368.3 exahashes per second (EH/s) in the fourth quarter of 2025 to 319 EH/s in the second quarter of 2026, a 13.4% decline.

The contraction was even sharper when excluding Bitdeer, which continued to expand its mining operations. Without Bitdeer, the cohort’s realized hashrate fell 21.2% over the six-month period, from 324.6 EH/s to 255.9 EH/s. Bitdeer’s realized hashrate, meanwhile, increased 44% to 63 EH/s.

By comparison, the Bitcoin network’s average hashrate declined 10.6% over the same period.

The shift comes as more miners report a growing share of revenue from non-mining activities. Core Scientific generated $136.7 million in colocation revenue during the second quarter, compared with just $27.5 million from Bitcoin mining. TeraWulf reported $31.9 million in HPC lease revenue, compared with $12.8 million from mining.

Core Scientific and TeraWulf are now generating the majority of their revenue from non-mining activities.
Source: TheEnergyMag

Riot Platforms and Bitdeer remain much earlier in the transition, with Bitcoin mining continuing to account for the vast majority of their revenue in the most recent quarter.

Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone

Unwinding post-China mining boom

BlocksBridge framed the current pullback as an unwinding of the expansion cycle that followed China’s Bitcoin mining ban in 2021, which triggered one of the sharpest declines in network hashrate before a rapid recovery as miners relocated overseas.

In North America, that migration helped fuel an expansion among public miners, which raised capital and acquired new power sites to expand their operations. 

One halving cycle later, the economics have shifted significantly. Weaker mining profitability, coupled with surging demand for AI infrastructure since 2022, has prompted several public miners to repurpose sites and power capacity away from Bitcoin mining entirely.

Related: Crypto Biz: Crypto’s biggest business is starting to look a lot like banking

Key takeaways

• Hyperliquid gained 2% on Thursday after advancing nearly 3% in the previous session.
• Hyperion DeFi’s HYPE holdings recorded a $31 million fair-value increase during the second quarter.
• HYPE futures Open Interest rose more than 4% to $2.38 billion, while trading volume jumped 45%.

Hyperliquid (HYPE) extended its recovery on Thursday as sustained corporate demand and improving derivatives activity supported bullish momentum.

The token gained approximately 2%, building on its nearly 3% advance during the previous session. HYPE is now approaching its 50-day Exponential Moving Average (EMA) near $58.37, which represents the next major obstacle to further gains.

A decisive break above this level could allow Hyperliquid to target the $62.58 supply zone.

Corporate treasuries maintain strong HYPE exposure

Corporate interest in Hyperliquid remains firm, with HYPE-focused digital-asset treasuries increasing their exposure while benefiting from the token’s rising market value.

Hyperliquid Strategies held 17.60 million HYPE, up from 12.50 million in January. The market value of its holdings climbed from $703 million at the end of the first quarter to approximately $980 million in the second quarter.

Hyperion DeFi also increased its treasury holdings from 1.88 million HYPE to 1.93 million. The value of its position rose from $77 million at the end of the first quarter to $107 million in Q2, representing a $31 million fair-value increase.

The stability and growth of these corporate positions indicate continued confidence in the Hyperliquid ecosystem.

Digital-asset treasury companies can provide sustained demand by accumulating and holding tokens over longer periods. However, concentrated corporate holdings may also create selling risks if treasury firms later reduce their exposure.

Retail and derivatives activity has strengthened alongside the price recovery. CoinGlass data shows HYPE futures Open Interest rose more than 4% over the past 24 hours to $2.39 billion. Increasing Open Interest indicates that the notional value of active contracts is rising, potentially reflecting the creation of new positions.

Trading volume also jumped 45% to $1.60 billion over the same period, showing that traders are becoming more active as HYPE approaches key resistance.

The simultaneous rise in price, trading volume and Open Interest supports the view that fresh capital is entering the market rather than the recovery being driven solely by traders closing existing positions.

Hyperliquid’s liquidation data reflects a bullish short-term bias. Short liquidations reached $1.34 million over the previous 24 hours, significantly exceeding the $251,040 in liquidated long positions. The imbalance suggests rising prices forced bearish traders to close leveraged positions.

HYPE’s funding rate remained positive at 0.0080%, despite experiencing brief moves into negative territory. Positive funding means traders holding long positions are paying shorts, showing a willingness to pay a premium for bullish exposure.

While the data supports further gains, rising leverage could increase volatility. An unexpected reversal could trigger long liquidations and place renewed pressure on the token.

HYPE remains above long-term support

HYPE continues to trade above its 200-day EMA at $51.29 and a rising trendline near $53.05.

These levels reinforce the token’s broader constructive structure and could attract buyers if the recovery loses momentum.

The Moving Average Convergence Divergence indicator has crossed above its signal line, while its histogram remains positive. The shift indicates that bullish momentum is gradually rebuilding.

The Relative Strength Index stands near 50, reflecting neutral conditions and leaving room for further gains before the token enters overbought territory.

The 50-day EMA at approximately $58.37 remains the immediate resistance level controlling HYPE’s short-term outlook.

A decisive daily close above the moving average could confirm strengthening bullish momentum and open the way toward the $62.58 supply zone.

Failure to reclaim the 50-day EMA could produce another pullback toward the rising trendline at $53.05. Below that level, the 200-day EMA at $51.29 would provide the next important support.

Buyers would need to defend this support cluster to preserve Hyperliquid’s wider bullish structure.

For now, growing corporate holdings and improving derivatives metrics favor the recovery, but a breakout above $58.37 remains necessary to confirm its continuation.

Morph has launched a non-custodial payments platform that supports USDC and USDT, lets businesses connect their own wallets, and settles customer payments directly on-chain.

Morph Payments leaves funds in users’ wallets

According to an Aug. 12 press release from Morph shared with crypto.news, the service is available to online businesses, freelancers, and distributed organizations that want to accept, send, and monitor stablecoin payments.

Morph Payments works by connecting a self-custodial wallet to the platform rather than requiring a business to transfer its funds into an account controlled by Morph. When a customer completes a payment, the stablecoins move directly to the wallet selected by the recipient.

Morph said the initial release supports USDC and USDT, the two stablecoins named in the announcement. Businesses can create an invoice or payment link that directs customers to a checkout page, while completed transactions appear in a single dashboard.

Under the setup described in the release, Morph provides the payment interface but does not hold the funds sent through it. Businesses retain control of the private wallet receiving the payment, and the stablecoins become available once the blockchain confirms the transaction.

Such a model differs from a custodial processor, which receives money on behalf of a merchant and later releases the balance. Morph said direct settlement can reduce the time businesses wait to access incoming funds, although the announcement did not provide transaction-speed tests or comparisons with specific payment companies.

The release also did not disclose the platform’s fees, transaction limits, supported jurisdictions, identity-verification requirements, wallet compatibility, or smart-contract audit details. Morph said businesses and entrepreneurs could begin registering through its website on Aug. 12.

Invoices and payment links target online businesses

Alongside wallet settlement, the first version lets users send stablecoins and monitor incoming and outgoing payments. The dashboard is designed to put payment records, invoices, and checkout links in one place, according to the company.

For freelancers, a payment request can be created as an invoice or a link and sent directly to a client. Online businesses can use the same process to collect USDC or USDT without giving Morph control over the receiving wallet.

Morph presented the service as an option for cross-border payments and remote work, where bank transfers may pass through several institutions before reaching the recipient. Claims about payments arriving within minutes and providing faster access to working capital came from the company; the press release did not include independent performance data or customer results.

Renna Ba, Morph’s head of ecosystem, said businesses could eventually work with several stablecoins in much the same way that companies now handle different national currencies.

“The challenge isn’t creating more payment options—it’s making that complexity invisible so businesses can focus on growing, not managing payments.”

Although the comment points to support for multiple assets, the initial product is limited to USDC and USDT. Morph did not identify other stablecoins it may add or provide a schedule for expanding the list.

Morph Payments follows earlier network programs

The launch adds a user-facing product to Morph’s existing work on stablecoin infrastructure. In January, the network selected Cobo as its first partner for the Morph Payment Accelerator, a performance-based program tied to verified stablecoin volume on Morph’s mainnet.

Cobo provides custodial wallets, multi-party computation wallets, and wallet infrastructure across more than 80 blockchains. The January announcement said the partnership would focus on institutional stablecoin activity, including cross-border payouts and high-frequency settlement.

Morph Payments takes a different approach at the user-account level because the new service does not take custody of a business’s assets. Customers can still move stablecoins received through the platform to trading services or yield products built on Morph’s network, the company said. Participation in such services would involve separate platforms and risks not detailed in the payments announcement.

The company has not disclosed transaction targets, expected user numbers, or revenue projections for the product. Additional functions are planned over the coming months, but Morph did not specify which tools will be added or when they will become available.

Stablecoin payment tools are reaching more businesses

Morph cited Visa’s on-chain analytics showing $10.2 trillion in adjusted stablecoin transaction volume during the previous 12 months, a 65% increase from the comparable period. Visa’s adjusted measure is designed to filter activity that its methodology identifies as inorganic.

Separate research published by Morph in April estimated that stablecoins handled $33 trillion in total on-chain volume during 2025. As previously covered by crypto.news, the report attributed about 60% of the measured flows to business-to-business activity and projected more than $50 trillion in settlement volume during 2026. The figures are company estimates rather than audited financial results.

Other payment providers have also introduced stablecoin tools for corporate users. In July, Ramp launched stablecoin business accounts on Solana, allowing customers to hold USDC and USDT and send payments to vendors in more than 140 countries. Ramp also said its system could convert payments into more than 40 local currencies.

Ramp’s product combines stablecoin balances with its existing approval and accounting tools, while Morph’s release focuses on direct settlement to a wallet controlled by the business. Morph did not announce local-currency conversion, bank-account funding, or accounting software integrations.

U.S. stablecoin rules remain unfinished

American businesses considering stablecoin payment products operate under a federal framework that is still being implemented. President Donald Trump signed the GENIUS Act into law on July 18, 2025, establishing federal requirements for payment stablecoin issuers, including reserve, redemption, disclosure, and supervision standards.

The law primarily regulates issuers rather than every business that receives stablecoins. Its treatment of distribution remains relevant, however, because U.S. digital asset service providers will face restrictions on offering payment stablecoins from non-permitted issuers beginning in July 2028.

USDC and USDT are issued by Circle and Tether, respectively, rather than by Morph. The launch announcement did not state whether Morph Payments would be available in every U.S. state or identify the licenses and compliance procedures that could apply to American customers.

Federal regulators missed a July deadline for completing several rules required under the GENIUS Act. As of July 19, proposals covering reserves, redemptions, custody, customer identification, anti-money laundering controls, and state supervision had not all been finalized. The statute is scheduled to take effect by Jan. 18, 2027, unless final regulations start an earlier 120-day implementation period.

Trezor has disclosed that personal information belonging to 13,689 customers was exposed after an unauthorized actor gained access to systems operated by its shipping provider ShipMonk.

Trezor said in an Aug. 13 security notice that ShipMonk informed the hardware wallet maker on Aug. 10 about unauthorized access to systems containing customer order data, with an investigation into the incident still underway.

The breach affected customers who received Trezor orders between May 10 and Aug. 8 in the United States, United Kingdom, Sweden, Colombia, Brazil, Italy and Portugal. Trezor said its own systems were not compromised and its hardware wallets remain secure.

Of the affected customers, 11,742 had their names, email addresses, phone numbers and shipping addresses exposed. Another 1,947 customers had partial information compromised, consisting of their names, cities and email addresses.

Order numbers were also among the information held by ShipMonk for deliveries, according to Trezor’s explanation of the incident.

ShipMonk breach exposed recent Trezor order data

ShipMonk serves as a logistics provider that stores Trezor products and handles deliveries in the U.S., U.K., and several other markets. The fulfillment company requires customer names, addresses, phone numbers, and email addresses to process shipments.

According to Trezor, the number of exposed customers was limited by its 90-day data retention policy, which it also requires fulfillment partners to follow. Customer information associated with older orders had already been deleted or anonymized and was therefore not stored in the affected ShipMonk systems.

Trezor said the 90-day period was designed to cover the full order process, including delivery, returns, refunds and product replacements. Once the period ends, purchase-related customer information is deleted or anonymized because the company no longer needs the address or phone number for fulfillment purposes.

Affected customers have been notified separately through emails sent from [email protected]. Customers who did not receive the security notification were not affected by the incident, according to the company.

ShipMonk has since secured the affected systems and strengthened its security following the breach, Trezor said. Both companies remain in contact as they work to establish how the unauthorized access occurred and determine the exact information that was accessed.

The incident represents the first time since Trezor was founded in 2013 that a breach involving the company or one of its providers has exposed customer phone numbers and shipping addresses.

“We absolutely understand how serious this is and the potential risks it poses to our customers and are deeply sorry to those affected,” Trezor said.

Trezor warns exposed data could support phishing attacks

Although wallet devices and Trezor’s infrastructure were unaffected, the company warned that exposed personal information could be used to create more convincing phishing attempts.

Attackers could use a customer’s name, phone number, email or home address to impersonate Trezor, a cryptocurrency exchange or a bank. The company said fraudulent approaches could arrive through emails, phone calls or physical letters.

Such attacks have previously targeted hardware wallet owners using personal information and official-looking communications. In February, crypto.news reported on fake letters sent to Trezor and Ledger customers that directed recipients to phishing websites through QR codes.

The letters told recipients that they needed to complete an authentication or transaction check and attempted to create urgency by warning about possible problems with wallet functionality. The linked phishing pages requested 12-, 20- or 24-word recovery phrases, which would give attackers control over a wallet once submitted.

Physical letters present a particular concern when attackers already possess a victim’s mailing details. An April 2025 Ledger phishing campaign similarly involved fraudulent letters carrying Ledger branding, a business address and individual reference numbers.

Recipients in that campaign were instructed to scan a QR code and provide their 24-word recovery phrase under the claim that a critical security update was required.

Trezor has told customers affected by the ShipMonk breach to treat communications demanding immediate action or personal information with suspicion. It also advised users to verify messages against its official communications and never provide a wallet backup through a website or to another person.

Previous Trezor incidents have also led to phishing warnings

Trezor has dealt with customer information exposure through third-party services before, although the company said the ShipMonk incident was its first involving leaked phone numbers and shipping addresses.

In January 2024, an unauthorized party accessed a third-party support ticket portal used by Trezor, potentially exposing contact information belonging to about 66,000 customers who had interacted with the support team since late 2021.

The company notified affected contacts at the time and said digital assets had not been compromised. The incident involved the external support system rather than Trezor hardware wallets.

Another phishing method emerged in June 2025 when attackers abused Trezor’s contact form by submitting support requests using targeted users’ email addresses. The process triggered legitimate automated replies from Trezor’s system, making the resulting phishing communications appear more credible.

Trezor said at the time that its email infrastructure had not been breached and that the contact form remained secure. Attackers instead exploited the support workflow to make fraudulent messages appear connected to legitimate correspondence.

Hardware security has separately remained under scrutiny. In June, Trezor and Tropic Square disclosed a chip flaw affecting the TROPIC01 Secure Element used in the Trezor Safe 7 after researchers from Ledger Donjon found the weakness during an independent audit.

Ledger Donjon used laser fault injection under laboratory conditions to extract some chip secrets and bypass firmware signature checks. Trezor said the attack required physical access and specialized equipment, while two other independent security layers continued to protect access to the wallet. Users were not required to take action.

The ShipMonk incident, by comparison, involved order information held by a fulfillment provider rather than the hardware or software responsible for securing private keys.

Trezor plans anonymous delivery option

Following the latest disclosure, Trezor also detailed ways customers can reduce the amount of personal information connected to future hardware wallet purchases.

The company recommended using an email address that is not linked to a customer’s primary identity and suggested cryptocurrency payments as an alternative to credit cards. Where available, customers can also use a P.O. Box to reduce the exposure of their home address, although identification requirements and postal service records may still apply.

Trezor is also preparing an Anonymous Delivery service designed to reduce the customer information retained during hardware wallet shipments.

Under the planned system, orders would use a dedicated checkout process, locker collection, neutral packaging and generic sender information. Shipping identifiers would then be automatically deleted after delivery.

Trezor said it plans to make Anonymous Delivery available in the European Union by September 2026, followed by a U.S. rollout by the end of 2026.