The mining market is experiencing a shift in pace. After several years of expansion, listed miners are now reducing part of their capacities. In the second quarter, this trend intensified, while some operators are redirecting their infrastructures toward AI and high-performance computing. Excluding Bitdeer, the realized hash rate of the monitored miners declined by 21.2% in six months. This decrease highlights a shift of resources, while revenues related to colocation are rising among several bitcoin players.