Twenty One Capital CEO says Bitcoin network hash rate enters first prolonged bear market
XXI•Mining economics and allocation
Zagury argued mining economics hinge on position on the cost curve, citing energy costs, machine efficiency, and capital structure.
He said mining can outperform holding Bitcoin when Bitcoin’s price rises faster than network hashrate, and urged a blended allocation at scale.
Energy-use criticism and grid flexibility
Zagury rejected claims mining “wastes energy,” calling it a flexible load that can help stabilize grids, with optionality for AI and HPC.
Bitcoin hashrate enters a prolonged drawdown
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.
