Bitcoin Hashrate Hits Record as Miners Tap Credit, Stocks Lag BTC
Bitcoin’s network hashrate surged to a record 986.71 EH/s as of late April 2026, while public miners drew down $200 million in credit lines to fuel expansion, yet their equity valuations drifted sharply from bitcoin’s price momentum.[4][2][5]
The milestone underscores the network’s escalating security amid post-halving pressures. Data from BitInfoCharts shows the daily average hashrate climbing 2.41% in the past 24 hours to its peak, outpacing prior highs like October 2025’s 769.8 EH/s.[4][1] YCharts confirms 936.92 million TH/s - or 936.92 EH/s - on April 28, up 0.72% day-over-day and 8.47% year-over-year.[5] CoinWarz pegs the latest reading at 961.27 EH/s alongside a mining difficulty of 135.59 T at block 947,068.[2]
Public miners drove much of this growth through aggressive financing. Firms like Bitdeer Technologies reported 69.50 EH/s in operating hashrate as of March 31, 2026, capturing 7.01% of the global total, up 504% year-over-year.[3] MARA Holdings followed at 61.70 EH/s, with Riot Platforms at 36.40 EH/s.[3] These operators tapped roughly $200 million in credit facilities in recent quarters to acquire ASICs and expand data centers, offsetting halving-induced reward cuts. Analysts note that such leverage allowed hashrate retention despite thinner margins post the 2024 event, when network power dipped to 575 EH/s.[1]
Equity markets told a different story. Miner stocks decoupled from bitcoin’s rally, with shares underperforming as investors weighed debt burdens and energy costs. Bitdeer’s BTDR and MARA traded at discounts to their hashrate multiples, reflecting skepticism over profitability in a high-difficulty environment. Data suggests this divergence stems from rising operational expenses outpacing revenue growth, even as network security strengthens.[3][7]
Market participants view the credit drawdowns as a bid to consolidate dominance. Top public miners now control over 20% of global hashrate, per rankings, squeezing smaller players unable to match the scale.[3] This shift alters market structure by centralizing computing power among listed entities, potentially smoothing hashrate volatility but heightening leverage risks if bitcoin prices stall. Investor behavior has cooled toward the sector, favoring direct BTC exposure over miner proxies amid the valuation gap.
One counterpoint emerges in energy dynamics. Higher hashrate demands more power, with efficiency gains from newer ASICs barely keeping pace. Post-halving consolidation already culled marginal operators, and further credit reliance could amplify defaults if electricity costs spike or bitcoin dips below $80,000-equivalent breakevens. Data shows long-term hashrate trending upward as hardware migrates to efficient hands, but short-term dips remain possible.[7]
Forward, analysts expect public miners’ hashrate share to climb toward 30% by year-end if credit markets stay open, pressuring private competitors and reshaping investor allocations away from equity bets.
[1] https://bitmarkets.com/en/insights/article/bitcoin-hashrate-reaches-all-time-high[2] https://www.coinwarz.com/mining/bitcoin/hashrate-chart
[3] https://bitcoinminingstock.io/hashrate
[4] https://bitinfocharts.com/comparison/bitcoin-hashrate.html
[5] https://ycharts.com/indicators/bitcoin_network_hash_rate
