Crypto
Bitcoin Hash Rate Enters First Prolonged Bear Market, Says Twenty One Capital CEO
The CEO of Twenty One Capital, Rapha Zagury, has stated that the Bitcoin network's hash rate is entering its first prolonged bear market.
Zagury made this claim at the Bitcoin Asia 2026 conference in Hong Kong. He pointed out that the network's hash rate had peaked near 1.3 zettahashes late last year before declining gradually.
The CEO emphasized that mining economics are heavily influenced by a company's position on the cost curve, citing energy costs, machine efficiency, and capital structure as key factors.
Zagury also argued that mining can outperform holding Bitcoin when the cryptocurrency's price rises faster than the network's hash rate. He recommended a blended allocation at scale.