According to CoinMeta, Rapha Zagury, the CEO of Twenty One Capital, a Bitcoin wallet company supported by tether, stated in Bitcoin Asia 2026 that Bitcoin is experiencing its first “hash rate bear market” in history. The hash rate of the Bitcoin network approached 1.3 EH /s at the end of last year, and since then, it has continued to decline, undergoing the longest cycle from a historical high in hash rate to recovery to date. He pointed out that this situation is different from the decline in hash rate after China banned crypto mining in 2021; at that time, mining machines mainly moved to other regions and gradually recovered. Currently, Bitcoin mining also faces new infrastructure configuration options such as AI and HPC. Zagury noted that almost all listed mining companies are now moving away from the pure large-scale Bitcoin mining model.