According to Wu Blockchain, Rapha Zagury, CEO of Bitcoin treasury company Twenty One Capital supported by Tether, stated at Bitcoin Asia 2026 that Bitcoin is experiencing its first-ever 'hashrate bear market' in history. The Bitcoin network's hashrate peaked at nearly 1.3 ZH/s at the end of last year but has since been on a steady decline, undergoing the longest recovery cycle from a historical hashrate high to date. Zagury noted that this situation differs from the hashrate drop following China's 2021 crypto mining ban, where mining rigs were primarily relocated to other regions and gradually recovered. Currently, Bitcoin mining faces new infrastructure allocation choices, such as AI and HPC. He also mentioned that almost all publicly listed mining companies are moving away from the pure large-scale Bitcoin mining model. https://www.(wublock123.com)/news/news-67652