Bitcoin Faces First Hashrate Bear Market, Large Miners to Benefit

This marks a structural shift in Bitcoin's mining landscape, where the cyclical downturn now targets hashrate rather than just price. The squeeze on smaller operators could accelerate industry consolidation, concentrating network power among larger firms with cheaper capital and operational efficiency. The key dynamic to watch is whether this leads to a more resilient, but less decentralized, mining ecosystem, and how difficulty adjustments respond to any resulting hashrate drop. The outcome will shape the competitive balance and capital requirements for future mining entrants.