CEO Zagury: Bitcoin hashrate down 22-24% from ATH; XXI well-positioned

Twenty One Capital, Inc.

Network hashrate hit ATH of 1,275 EH/s on Sep 19, 2025; now in high 900 EH/s range, down ~22-24%.
CEO says most public mining companies are leaving industry; Twenty One Capital staying the course.
Hashprice ~$30/PH/day; operator A with 17.5 J/TH and $0.05/kWh has margin +$9.00, operator B underwater.
Mining outperforms Bitcoin when price grows faster than hashrate; sees first time at scale for miners.
Mining offers optionality: energy, infrastructure, share, proximity options; AI/HPC opportunities.

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