Raphael Zagury, CEO of TwentyOne Capital (XXI), a US-listed Bitcoin accumulation company, stated that Bitcoin is experiencing its first-ever 'hashrate bear market'. According to Wu Blockchain, he said, "The Bitcoin network's hashrate steadily declined after approaching 1.3 ZH/s at the end of last year. This is currently the longest period for the hashrate to recover since reaching its all-time high. The current situation is different from the hashrate decline that occurred after China banned cryptocurrency mining in 2021. At that time, mining companies mostly relocated to other regions, and the hashrate gradually recovered. Currently, the Bitcoin mining industry is competing with new infrastructure such as artificial intelligence and high-performance computing. Almost all listed mining companies are shifting away from Bitcoin mining and transitioning into the artificial intelligence sector."
