Bitcoin bounced back this week, and hashprice moved roughly 10% higher, while public miners kept shifting power and capital into AI.

The post-China expansion pushed the network beyond 1 ZH/s. Some of that capacity is now being idled or reassigned after only one halving cycle.

Bitcoin mining may be entering its first real bear market in network hashrate. If difficulty turns down while Bitcoin holds, miners still hashing get the upside.

I cover the numbers in this 20-minute episode:
https://www.youtube.com/watch?v=VDILTsUMXDk