Bitcoin Mining Industry Faces Uncharted Territory: CEO Warns of Hashrate Bear Market
Raphael Zagury, CEO of Twenty One Capital (XXI), recently addressed attendees at the Bitcoin Asia 2026 conference in Hong Kong. In a keynote presentation titled 'Here Be Dragons: Bitcoin's First Ever Hashrate Bear Market,' Zagury discussed the current state of the Bitcoin mining industry.
Zagury began his talk by referencing historical navigational maps, which often included an inscription reading 'hic sunt dracones' or 'here be dragons.' He noted that this phrase did not signify danger but rather indicated uncharted territory. Similarly, Zagury suggested that the current situation in Bitcoin mining is akin to a previously unmapped region.
The CEO highlighted that the industry is facing challenges, including what he termed a 'hashrate bear market.' This phenomenon refers to a significant decrease in the computational power devoted to Bitcoin mining. The impact of this trend on the profitability of miners and the overall resilience of the sector remains uncertain.