Analysis: Bitcoin is currently experiencing its first-ever "Mining Power Market Downturn," highlighting the opportunity for large-scale mining enterprises.

BlockBeats News, September 2nd, Twenty One Capital CEO and Elektron Energy founder Rapha Zagury stated in his keynote at Bitcoin Asia 2026 that the Bitcoin network is currently experiencing its first-ever hashrate bear market. The Bitcoin network's hashrate reached nearly 1.3 ZH/s at the end of last year, gradually declining since then. The time it has taken to fall from its all-time high to the current level has set a new record.

Zagury believes that Bitcoin mining is not simply a "good business" or "bad business," but rather depends on where mining firms are positioned on the cost curve. Mining firms with lower energy costs and higher equipment efficiency can maintain a higher profit margin, while those with high energy costs and low equipment efficiency may be forced to shut down. Although the Bitcoin hashrate price has improved compared to before, it is still relatively low when measured against historical levels.

When the Bitcoin price rises faster than the network's hashrate growth rate, miners are more likely to outperform BTC. For businesses, he believes that the best risk-adjusted allocation is not simply choosing between "buying BTC" or "mining," but a combination of both. However, if only $1 is available for allocation, he recommends prioritizing the purchase of BTC.

Regarding the energy issue, Zagury stated that energy consumption itself does not mean waste, as energy is the foundation of economic development and human progress. He pointed out that one of the key features of Bitcoin mining is its high load adaptability, where mining machines can quickly switch based on energy supply, helping the grid digest idle or surplus electricity and enhancing grid stability to some extent.

Furthermore, he believes that Bitcoin mining is creating an "option value" that was not apparent in the past, including aspects such as energy utilization, market share, proximity to the Bitcoin protocol, and infrastructure. With the growth of AI and high-performance computing (HPC) demand, mining firms' existing energy and data center infrastructure may find additional applications such as AI computing power. Currently, among large publicly listed mining firms, fewer companies can continue large-scale Bitcoin mining, indicating that the industry is at a crucial intersection of the energy revolution and the Bitcoin revolution.