Bitcoin briefly moved back above $70K, but beneath the surface the signals are far less straightforward. Hashrate volatility, continued margin compression, and shifting capital strategies suggest the market is still in a bearish phase. In this edition, we break down the latest market developments before diving into how full blocks can deter Bitcoin-related crime, and why players like Soluna Holdings and MARA Holdings are moving upstream into energy, and how that reshapes the competitive dynamics.
Bitcoin Briefly Reclaims $70K
Metaplanet Passes MARA in Bitcoin Holdings
Hashrate Rebounds Then Slips Again
Difficulty Rises Alongside Hashrate’s Recovery
Hashrate Index Published a Q2 2026 Update
Hashprice Remains Under Pressure
Solo Miner Makes 40–70x Return by Finding a Block
Full Blocks Deter Bitcoin Crime – Premium Insights
Soluna’s Acquisition Latest Evidence of Energy First Trend – Premium Insights
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Bitcoin Briefly Reclaims $70K
Bitcoin briefly moved back above $70,000 on Monday, April 6, marking its first break above this level since March 25. The move followed reports that Iran may be seeking a ceasefire, easing some geopolitical uncertainty, even as tensions remain elevated after renewed threats from U.S. President Donald Trump.
From a technical perspective, BTC is now attempting to hold above this key psychological level. Price has also reclaimed the daily 50-day moving average, which it had been consolidating around for weeks. While still early, this marks an initial step toward a potential trend reversal if momentum can be sustained.
Metaplanet Passes MARA in Bitcoin Holdings
A notable shift is unfolding among publicly listed Bitcoin holders. Metaplanet Inc. has overtaken MARA Holdings to become the third-largest corporate holder of Bitcoin. The move was driven by an aggressive Q1 accumulation of 5,075 BTC, bringing Metaplanet’s total to 40,177 BTC. In contrast, MARA moved in the opposite direction, selling over 15,000 BTC (roughly $1.1B) to restructure its balance sheet and reduce debt exposure. Same asset, but two fundamentally different strategies.
Metaplanet is leaning in. The company is targeting 100,000 BTC by 2026 and 210,000 BTC by 2027, financing its accumulation through equity raises and warrants, while combining long-term treasury exposure with options-based income strategies. MARA, on the other hand, is repositioning. Reducing BTC exposure after a major write-down, paying down convertible debt, and increasingly pivoting toward AI infrastructure and data centers as part of a broader diversification strategy.
This divergence highlights a deeper shift. While some digital asset treasuries treat Bitcoin as a core reserve asset, many miners use it more dynamically as a liquidity tool to fund infrastructure, manage risk, and navigate tighter market conditions.
Hashrate Rebounds Then Slips Again
In the first three weeks of March, Bitcoin’s network hashrate was falling sharply, approaching new yearly lows. Toward the end of the month, however, the trend reversed, with hashrate briefly recovering above the 1 zetahash (ZH/s) level for a couple of days.
That strength proved short-lived. The 7-day moving average has since dropped back below this key threshold and currently sits at 974 EH/s. This places the network 13.7% below its all-time high of 1,128 EH/s and down 91 EH/s year-to-date, highlighting continued volatility in mining activity. At the same point last year, network hashrate was up roughly 100 EH/s year-to-date.
Difficulty Rises Alongside Hashrate’s Recovery
Last Friday, Bitcoin mining difficulty saw a modest increase, following the recent recovery in network hashrate. Difficulty adjusted upward by 3.87%, reaching 138.97T. Despite this uptick, difficulty remains well below peak levels. It is currently down 11.9% from the all-time high of 155.97T and sits 6.3% lower year-to-date, reflecting the broader cooling in mining activity.
Hashrate Index Published a Q2 2026 Update
Hashrate Index’s latest update highlights that despite the contraction in hashrate, network concentration remains stable, with the top three countries controlling roughly 65% of global hashrate. However, beneath the surface, the composition is shifting. Countries like Kyrgyzstan, Paraguay, Laos, and Finland continued to grow, even though network hashrate declined. This highlights that access to low-cost energy and modern hardware outweighs policy incentives alone. Miners seem to follow economics first, with geographic risk acting as a secondary filter on where capital is deployed. Geographic shifts reflect operators testing which regions can sustain operations through low margin market conditions.
Hashprice Remains Under Pressure
The latest difficulty adjustment pushed hashprice down from $33/PH/day to $31/PH/day, reinforcing the ongoing compression seen throughout 2026. With the exception of a brief spike in January, hashprice has remained below $40/PH/day all year. Since February, it has largely traded within a tight range of $28 to $35/PH/day, highlighting persistent margin pressure across the mining sector.
Solo Miner Makes 40–70x Return by Finding a Block
On April 2nd, there was another lucky solo miner discovering a Bitcoin block with just ~250 TH/s of hash power. Operating through CK Pool, a platform popular among hobbyist miners, the individual earned a full block reward of 3.139 BTC, valued at approximately $210,000 at the time. The setup is very comparable to a single Antminer S21 Pro which today is roughly $3K–$5K per unit on the retail market. That’s a 40–70x return in one event.
In this week’s premium section, we break down the link between block congestion, illicit activity, and price formation, and why today’s low-fee environment changes the risk profile of the network. We also look into why players like Soluna Holdings and MARA Holdings are moving upstream into energy and how that reshapes the competitive dynamics going forward.
