According to CoinMeta, data from Glassnode shows that the average computing power of Bitcoin has decreased from 1,108 EH hashes per second in November 2025 to 898 EH hashes per second over a 30-day period, representing a 19% decline, setting a new record for the longest continuous downward trend in the network's history. Meanwhile, data from Luxor Hashrate Index indicates that the difficulty of mining on the network has decreased by 1.1% year-on-year, marking the second time in Bitcoin's history that this metric has turned negative on an annual basis. Furthermore, listed mining companies hold more than $70 billion worth of AI contracts, and some of the electricity capacity previously used for Bitcoin mining has been redirected to AI hosting, which may make it difficult to return to mining Bitcoin.