Twenty One Capital CEO: Bitcoin Experiences Its First Hash Rate Bear Market, Large-Scale Mining is Beneficial
Raphael Zagury, CEO of Twenty One Capital, stated at the "Bitcoin Asia 2026" conference in Hong Kong that Bitcoin is experiencing its first hash rate bear market in history. The total network hash rate has continued to decline after approaching 1.3 ZH/s at the end of last year, marking the longest period without recovering from its historical peak. Zagury pointed out that the failures of mining companies are primarily due to their own capital and cost structures, rather than the price of Bitcoin or hash rate levels. He believes that the hash rate bear market is beneficial for the remaining miners, as their network share will naturally increase. Currently, almost all publicly listed mining companies are exiting the industry, and in a situation where Bitcoin prices are low and the hash rate landscape is favorable, large-scale mining is in a beneficial position.
-- Price
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