According to CoinMeta, on August 28, 2026, at a meeting in Hong Kong, Bitcoin Asia, Twenty One Capital CEO Raphael Zagury stated that Bitcoin is experiencing its first “hash rate bear market” because the network’s computing power is still below the record set at the end of 2025. He pointed out that many mining companies are shifting their infrastructure investments towards artificial intelligence. Zagury also mentioned that Bitcoin’s hash rate entered a period of continuous decline last year after reaching nearly 1.3 ZH /s, with an expected drop of about 22% to 24% from its peak. He emphasized that this “hash rate bear market” cycle is his description of the current situation, and not an official classification by the Bitcoin network itself.