Bitcoin's 7-day average hashrate just dipped below 1 ZH/s—the first time since September 2025. What's happening? Miners are getting squeezed from multiple angles. AI infrastructure is eating into power availability, and manufacturers keep rolling out proprietary hashrate solutions that fragment the network. The result: smaller operators face mounting pressure while competition intensifies. Whether this marks a temporary dip or signals deeper shifts in mining economics remains to be seen, but one thing's clear—the landscape is shifting fast.