The first-quarter decline breaks a long-standing growth trend, but could ultimately support decentralization as public U.S. miners face losing dominance. Bitcoin’s hashrate is down around 4% this year, the first first-quarter decline since 2020, following five consecutive years of double-digit growth. As mining economics deteriorate, firms are allocating capital to AI infrastructure, a shift that may reduce concentration among large U.S. miners and improve network decentralization. For the firs…
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