Bitcoin’s hashrate, which measures the computational power securing the network, is currently experiencing its first-ever hashrate bear market, according to Rapha Zagury, CEO of Twenty One Capital. After reaching an all-time high of 1.3 zettahash per second at the end of 2025, it has dropped approximately 31 % to hover around 900 exahash per second. This represents the longest period ever observed between a record high and a recovery, a phenomenon Zagury attributes largely to the growing competition from artificial intelligence and high-performance computing, which are diverting energy capacities away from BTC mining. Major US-listed miners, including Core Scientific, IREN and TeraWulf, have signed billion-dollar AI deals, effectively emptying mining infrastructure. Bitcoin is currently trading around $77,500, up 21 % over thirty days.
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