Twenty One Capital, Inc. · NYSE:XXI
Twenty One Capital — Bitcoin Asia Conference 2026
25 slides from Twenty One Capital's conference presentation, Aug 31, 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 +90.6% 5-YEAR +54.2% 3-YEAR +38.3% 1-YEAR +14.5% 6-MONTH −20.0% Annualized growth in estimated network hashrate. All-time high of 1,
Slide 3: Why this one is different: homeless vs unprofitable machines
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 Down the elevator shaft, up the escalator 180 EH/s to 86 EH/s in fifty-one days. Miners were forcibly disconnected and shipped abroad. They were home
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."
"Bitcoin mining is a bad business." CLAIM 01
Slide 6: Commodity businesses come in positions on a cost curve
Commodity businesses don't come in good and bad THE FRAME They come in positions on a cost curve.
Slide 7: The bad business question: the purest commodity business
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 Every barrel is identical, yet some producers lift it for $30 and some for $70. At $60 oil, the same industry rewards and punishes. The purest co
Slide 8: Same network. Same product. Same day.
Same network. Same product. Same day. HASHPRICE = $30 / PH / DAY MARGIN +$9.00 POWER $21.00 OPERATOR A 17.5 J/TH · $0.05/kWh Break-even: 7.2 c/kWh UNDERWATER BEFORE A SINGLE SALARY LOSS −$20.40 POWER $50.40 OPERATOR B 30 J/TH · $0.07/kWh Break-even: 4.2 c/kWh Illustrative · $60K BTC · 900 EH/s netwo
Slide 9: Does the mining investment outperform buying Bitcoin?
Does the mining investment outperform buying Bitcoin?
Slide 10: Most of the time: buy Bitcoin
Most of the time: buy Bitcoin Across most of mining's history, holders beat operators. Hashrate growth and ASIC cycles ran against miners for years. If someone has one dollar and one decision, my advice hasn't changed: buy Bitcoin. But we may be living through the first real economic hashrate bear m
Slide 11: For a company, mining vs. Bitcoin was never the right question
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. CLAIM 01
Slide 12: "Bitcoin mining wastes energy."
"Bitcoin mining wastes energy." CLAIM 02 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
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." THE FRAME
Slide 15: Every major leap in prosperity came from harnessing more energy
Rich countries do consume more of everything. But the causality runs in both directions. Source: Our World in Data, Energy Institute Statistical Review, World Bank. +0.7% higher GDP per capita for every 1% increase in energy use per person. To consume no energy is not to save the planet. Waste is en
Slide 16: Energy consumption and prosperity move together
ENERGY CONSUMPTION & PROSPERITY MOVE TOGETHER 182 countries 2024 Each dots @ country: horizontal = primary eneray consumption per person (kWhiyear, substtuton method); vercal = GOP per capta (PPP, constant international 8). Both axes are logarithmic, so a straight relationship implies a constant per
Slide 17: Mining is the most flexible large industrial load ever built
Mining is the most flexible large industrial load ever built Buyer of last resort For elektrons that would otherwise be wasted: curtailed wind, stranded hydro, flared gas. Seller of first resort Powers down in seconds when the grid is stressed, freeing capacity for homes, hospitals, and critical loa
Slide 18: The most flexible load ever built
The most flexible load ever built INTERRUPTIBLE BY DESIGN STYLIZED 24-HOUR GRID PROFILE Illustrative profile, not measured data. Mining load follows price signals: it fills the gap between demand and installed capacity when power is cheap, and returns that capacity to the grid within seconds when de
Slide 19: The fish are not wasting energy swimming upstream
The fish are not wasting energy swimming upstream. CLAIM 02 · THE VERDICT 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
This is not the 2021 drawdown. WHY NOW 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: Competitors' capitulation shows up in your revenue automatically
Your competitors' capitulation shows up in your revenue automatically WHY NOW THE DIFFICULTY ADJUSTMENT ~2,016 blocks every ~2 weeks Every day, the market asks every machine on Earth the same question: can you still pay for your power? The ones that answer "no" unplug. The protocol automatically adj
Slide 22: A mining operation is a stack of options
THE OPPORTUNITY A mining operation isn't a single bet. It's a stack of options. Energy option Control over low-cost elektrons: power contracts, interconnections, sites, generator relationships. Infrastructure option Powered land, transformers, and energy contracts keep the door open to AI/HPC, on ou
Slide 23: Back to first principles
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 not a bad business by definition
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