Bitcoin recovered +11.8% m/m to ~$78,272, but options open interest stayed flat and put premiums collapsed -51%, indicating the rally is spot-driven, not levered.
The 30-day MA hashrate sits -13.2% below its November 11, 2025, peak at 964 EH/s, with 187 days elapsed, the longest and deepest sustained decline in bitcoin’s industrial mining era.
The 11 largest US public miners shed ~7 EH/s in Q1 2026 as power capacity moves to AI hyperscalers under 10-to-15-year leases.
Government-owned stranded hydro and gas assets become the natural successor.
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Bitcoin (BTC-USD) recovered +11.8% m/m on a spot-led rally even as hashrate set its longest sustained drawdown. US public miners are pivoting to AI; sovereign miners are the natural successors.
