Computing power fell 17%: mining companies switched to AI, and concerns about Bitcoin security surfaced

According to Woofun AI, the overall computing power of the Bitcoin network showed a significant retracement, down 17% from the all-time high level (ATH). The core driving force behind this macro-phenomenon is the large-scale reallocation of resources to artificial intelligence (AI) infrastructure construction by mining companies, leading to a structural shift in computing capacity to guarantee network security.

According to data compiled by Woofun AI, Bitcoin's current computing power is fixed at 841 Ahhashes per second, which is lower than the record set earlier this year. Cryptocurrency analyst Maartunn points out that mining companies with cheap energy and advanced hardware have found that participating in the AI field is more profitable than continuing to mine.

This transformation is not an isolated event; listed mining companies such as Hut 8 (HUT.US) and Hive Blockchain (HIVE.US) have already laid out high-performance computing projects. After Bitcoin was halved in April 2024, block reward cuts further reduced profit margins and accelerated the withdrawal or transition of less efficient mining companies. Although reduced network difficulty made it easier for remaining miners to generate blocks in the context of Bitcoin price fluctuations, it also raised concerns about the degree of decentralization and security.

From a mechanical point of view, although the decrease in computing power may temporarily affect transaction confirmation time and processing fees, the network can adjust itself through difficulty adjustments. Currently, computing power is still far above the historical average, and the risk of attacks is manageable. The deeper change is the restructuring of the industry's economic model: the infrastructure that originally served Bitcoin is being used for other high-value computational tasks. Mining facilities usually sign long-term power supply contracts at low prices, which is very attractive for AI data centers. As mining companies shift, demand for renewable energy may rise, but if contracts are renegotiated, electricity costs for local communities may rise as well, reflecting profound changes in the relationship between the mining industry and the technology industry.