Since December 2025, Bitcoin’s [BTC] hashrate has slowly fallen. After an almost continuous uptick in hashrate from Q3 2021, the downturn of the past six months has been concerning. In a post on CryptoQuant Insights, analyst Woominkyu pointed out that a meaningful pullback in the hashrate’s 30-day moving average was not unprecedented. The most notable dips were during the China mining ban in 2021, and the bear markets of 2018 and 2022.