Twenty One Capital, Inc. · NYSE:XXI
Twenty One Capital — Bitcoin Asia Conference 2026
25 slides from Twenty One Capital's conference presentation, Aug 27, 2026
Slide 1: Here Be Dragons: Bitcoin Mining Enters Unknown Territory
HERE BE DRAGONS Bitcoin Mining Enters Unknown Territory Raphael Zagury Chief Executive Officer, Twenty One Capital · Founder of Elektron Energy
Slide 2: We may be living through the first real bear market in hashrate
HERE BE DRAGONS We may be living through the first real bear market in Bitcoin’s network hashrate. Hic Sunt Dracones · Elektron Monthly Commentary · April 2026 10-YEAR 5-YEAR 3-YEAR 1-YEAR 6-MONTH +90.6% +54.2% +38.3% +14.5% −20.0% Annualized growth in estimated network hashrate. All-time high of 1,
Slide 3: The shape is different
HERE BE DRAGONS WHY THIS ONE IS DIFFERENT THE SHAPE IS DIFFERENT In 2021 the machines were homeless. Today they are unprofitable. 2021 · THE CHINA BAN 2026 · THE ECONOMICS Down the elevator shaft, up the escalator Slowly down the escalator 180 EH/s to 86 EH/s in fifty-one days. Miners were forcibly
Slide 4: Bitcoin mining is stuck between two accusations
Bitcoin mining is stuck between two accusations: it’s bad business, and it’s wasted energy.
Slide 5: "Bitcoin mining is a bad business."
CLAIM 01 “Bitcoin mining is a bad business.”
Slide 6: Commodity businesses don't come in good and bad
THE FRAME Commodity businesses don’t come in good and bad They come in positions on a cost curve.
Slide 7: Bitcoin mining is the purest commodity business ever created
CLAIM 01 THE BAD BUSINESS QUESTION Bitcoin mining is the purest commodity business ever created: one client, no brand, no pricing power. Same logic as oil The purest commodity Why many failed Every barrel is identical, yet Machines bought at cycle tops Every miner produces the same some producers li
Slide 8: Same network. Same product. Same day.
CLAIM 01 UNIT ECONOMICS Same network. Same product. Same day. UNDERWATER BEFORE A SINGLE SALARY MARGIN +$9.00 LOSS −$20.40 HASHPRICE = $30 / PH / DAY POWER POWER $21.00 $50.40 OPERATOR A OPERATOR B 17.5 J/TH · $0.05/kWh 30 J/TH · $0.07/kWh Break-even: 7.2 c/kWh Break-even: 4.2 c/kWh Illustrative · $
Slide 9: Does the mining investment outperform buying Bitcoin?
Does the mining investment outperform buying Bitcoin?
Slide 10: Most of the time: buy Bitcoin / When mining wins
CLAIM 01 Most of the time: When mining wins buy Bitcoin Across most of mining’s history, holders beat Mining outperforms holding when price grows faster operators. Hashrate growth and ASIC cycles ran than network hashrate. The miner earns that spread against miners for years. If someone has one doll
Slide 11: For a company, mining vs. Bitcoin was never the right question
CLAIM 01 THE ALLOCATOR ANSWER For a company, mining vs. Bitcoin was never the right question Portfolios aren’t built by ranking assets in isolation. Diversification exists to improve the odds of a good outcome across many possible futures, not to hold whatever wins in hindsight.
Slide 12: "Bitcoin mining wastes energy."
CLAIM 02 “Bitcoin mining wastes energy.” The goal was never low energy consumption. The goal is high energy productivity: more human progress per joule.
Slide 13: Manicoré, in the heart of the Brazilian Amazon, 2002
Manicoré, in the heart of the Brazilian Amazon, 2002. A much younger me with the locals, taking a break on a fallen trunk while we worked on a business plan for sustainable forestry projects.
Slide 14: Energy is the substrate of everything we call development
THE FRAME Energy is the substrate of everything we call development. Every debate about Bitcoin mining is really a debate about energy: who gets to use it, and what counts as legitimate. “Progress comes from producing more useful energy, not from asking humanity to do less.”
Slide 15: Every major leap in prosperity came from harnessing more energy
CLAIM 02 THE WASTE QUESTION Every major leap in prosperity came from harnessing more energy, not less Rich countries do consume more of everything. But the causality runs in both directions. +0.7% higher GDP per capita for every 1% increase in energy use per person. To consume no energy is not to sa
Slide 16: Prosperity scales with energy access
Prosperty scales wth energy access. The countries that use more energy per parson are, almost without exception, the ones that produce more value per person — the case for abundant, monetizable energy that underpins Btcoin mining as Source & metho primary energy consumption per person khyear, substt
Slide 17: Mining is the most flexible large industrial load ever built
CLAIM 02 GRID FLEXIBILITY Mining is the most flexible large industrial load ever built Buyer of last resort Seller of first resort For elektrons that would otherwise Powers down in seconds when the be wasted: curtailed wind, stranded grid is stressed, freeing capacity for hydro, flared gas. homes, h
Slide 18: The most flexible load ever built
INTERRUPTIBLE BY DESIGN STYLIZED 24-HOUR GRID PROFILE The most flexible load ever built OVERNIGHT SURPLUS EVENING PEAK MINERS ABSORB CHEAP POWER MINERS POWER DOWN IN SECONDS BUYER OF LAST RESORT INSTALLED GENERATION CAPACITY SELLER OF FIRST RESORT MINERS THE FLEXIBLE LAYER VARIABLE DEMAND RAMPS THRO
Slide 19: The fish are not wasting energy swimming upstream
CLAIM 02 · THE VERDICT The fish are not wasting energy swimming upstream. They are converting it into the next generation. Mining doesn’t compete with civilization for energy. It monetizes energy civilization can’t use, and steps aside when civilization wants it back.
Slide 20: This is not the 2021 drawdown
WHY NOW This is not the 2021 drawdown. That was a relocation shock: machines waiting for a flight. This time, the machines coming offline are simply unprofitable, and the capital that would replace them is being redirected to AI and HPC.
Slide 21: Your competitors' capitulation shows up in your revenue automatically
WHY NOW THE DIFFICULTY ADJUSTMENT Your competitors’ capitulation shows up in your revenue automatically ~2,016 blocks A second transfer: assets every ~2 weeks Every day, the market asks every machine on Alongside the hashrate, a washout moves good Earth the same question: can you still pay for your
Slide 22: A mining operation isn't a single bet. It's a stack of options.
THE OPPORTUNITY A mining operation isn’t a single bet. It’s a stack of options. Energy option Share option Proximity option Infrastructure option Control over low-cost Powered land, Staying still while others Operating inside the elektrons: power contracts, transformers, and energy leave is itself a
Slide 23: A stretch where mining Bitcoin is decisively better than buying it
BACK TO FIRST PRINCIPLES A stretch where mining Bitcoin is decisively better than buying it, for the first time at scale Bitcoin is in a price bear market. Mining is in the first hashrate bear market in its history. If price recovers before hashrate rebuilds, the same spread that punished miners for
Slide 24: Mining is a bad business for high-cost operators
Mining is a bad business for high-cost operators, over- levered balance sheets, and teams chasing narratives. It is not a bad business by definition. It is a brutally difficult one. Difficult businesses reward discipline, cost control, and operational obsession.
Slide 25: Legal Disclaimer
Legal Disclaimer Industry Information This Presentation includes estimates regarding market and industry data. Unless otherwise indicated, information concerning the Bitcoin mining industry, including our general expectations, Bitcoin’s hashrate, market opportunity, are based on our management’s kno