Bitcoin enters first hashrate bear market, Twenty One Capital CEO says

Industry reports cite Twenty One Capital’s CEO saying Bitcoin has entered its first hashrate bear market, marked by a sustained decline in network hashrate as miners cut rigs after the recent halving and amid rising operating costs. The immediate effect is miner revenue compression and increased consolidation risk as weaker operators exit or pause operations. For Bitcoin this raises short-term pressure on network security and market sentiment until difficulty adjusts and the mining ecosystem rebalances, after which hashrate typically recovers.