Discuss your views on the POW sector and privacy coins in the next bull market

Currently, the main players in the PoW track are BTC, BCH, LTC, DOGE, ETC, and ZEC. Aside from BTC, the prices of other coins are now such that mining is generally less profitable than buying. Electricity costs, equipment depreciation, and rising difficulty are all factors, making it more cost-effective to buy on the secondary market.
In my personal opinion, during the bear market, I only hold $BTC . The reason is simple: liquidity, consensus, and institutional allocation depth are all unmatched by other PoW coins.
Additionally, privacy coins $XMR and $ZEC both reached effective new highs in the 21 and 26 cycles, respectively, while ETH did not break a true all-time high this round. What does this indicate? It shows that market valuation anchors change at different stages. BTC remains core, privacy coins have premium space at certain stages, but the narrative of public chains may not always be dominant.
Therefore, if we extend the logic to bottom-fishing in a bear market, I would focus more on three directions: BTC, coins with strong privacy features, and leading platform tokens. These three categories are relatively more resilient across cycles.
Based on conversations with some industry players, everyone is cautious about new PoW projects and there’s no clear intention to push new chains. So rather than waiting for someone to launch new coins, I am more interested in whether it’s possible to mine derivative tokens within the Bitcoin ecosystem. The next paradigm in mining might not be a new public chain, but rather a derivative mining structure built around the BTC network.
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