Raphael Zagury called Bitcoin’s prolonged computing power decline its first ever hashrate bear market publicly.Bitcoin hashrate fell roughly 22% to 24% from its late 2025 peak, presentation materials showed.Zagury said artificial intelligence creates a competing use for miners’ power capacity and infrastructure today worldwide.Public miners increasingly pursue AI computing, though several companies continue operating substantial Bitcoin mining fleets.Lower network hashrate can increase surviving miners’ revenue share after Bitcoin adjusts mining difficulty downward.