Bitcoin-mining Industry Enters First-Ever Hasrate Bear Market, Says Twenty One Capital CEO
Rapha Zagury, CEO of Twenty One Capital, delivered a keynote speech at Bitcoin Asia 2026 on August 28. He presented his thesis on the state of the Bitcoin-mining industry, arguing that it's experiencing its first-ever hashrate bear market.
The network hashrate has declined by approximately 22-24% from its peak of 1,275 EH/s. Zagury emphasized that mining economics are driven by the cost curve, energy costs, and machine efficiency. He highlighted high-cost operators as being most at risk in this environment.
Zagury also discussed mining's flexibility to absorb curtailed power and pause instantly, which he framed as a grid-stabilizing optionality and asset. However, the company cautioned that the presentation contains forward-looking statements and references risk factors in recent SEC filings.