Twenty One Capital CEO says Bitcoin network hash rate enters first prolonged bear market

PUBT · 2d ago
Twenty One Capital CEO says Bitcoin network hash rate enters first prolonged bear market
  • At Bitcoin Asia 2026 in Hong Kong, CEO Rapha Zagury flagged what he called Bitcoin’s first hashrate bear market.
  • Network hashrate peaked near 1.3 zettahashes late last year, then declined gradually in the longest drawdown from an all-time high.
  • Zagury argued mining economics hinge on position on the cost curve, citing energy costs, machine efficiency, capital structure.
  • He said mining can outperform holding Bitcoin when Bitcoin’s price rises faster than network hashrate; urged a blended allocation at scale.
  • Zagury rejected claims mining “wastes energy,” calling it a flexible load that can help stabilize grids, with optionality for AI and HPC.


Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Twenty One Capital Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001213900-26-095339), on August 31, 2026, and is solely responsible for the information contained therein.