The bitcoin network has entered a \"hashrate bear market\" for the first time, an executive said. Rafa Zagli, CEO of investment firm Twenty One Capital, said the network hashrate rose to about 1.3 zettahash per second late last year and has since declined gradually, taking the longest time yet to recover its prior peak. He said growing demand from AI and high-performance computing is reshaping miners\' use of power and facilities.

U.S. bitcoin miner Riot Platforms sold 4,300 bitcoins and plans to use the proceeds to expand a datacentre network for AI workloads. The move comes as mining profitability weakens, with Riot’s second-quarter mining revenue down 19.3 percent amid higher power prices and a sharp fall in hashprice. The company still holds $548.9 million in cash and 11,380 bitcoins, and is pursuing long-term infrastructure contracts, including a proposed 20-year lease with expected revenue of $9.1 billion.