Iran's Bitcoin Mining Hashrate Plunges 77% Amid Regional Tensions

Iran's Bitcoin mining hashrate fell approximately 77% in the past quarter, dropping to roughly 2 EH/s according to a report from Hashrate Index. The country lost about 7 EH/s quarter over quarter during a period of rising tensions with the US and Israel, with strikes and retaliation driving regional instability. Iran is estimated to operate about 427,000 active Bitcoin mining rigs. The decline occurred against a backdrop of broader pressure on the global mining network. Global hashrate's 30-day simple moving average fell from 1,066 EH/s in the first quarter to about 1,004 EH/s in the second quarter, representing a 5.8% drop. The report attributed this broader decline to falling Bitcoin prices rather than energy costs or regulatory changes. Bitcoin has fallen more than 45% from its record high of $126,000 set in October, pushing mining revenue lower and driving hash prices to record lows. These conditions have forced many older, less efficient mining units out of operation as margins tighten. Machines with efficiency above 25 J/T have been particularly affected by the price pressure. Despite Iran's significant decline, the broader Bitcoin network maintained stability with global hashrate remaining near 1,000 EH/s. Nearby mining hubs including the United Arab Emirates and Oman reportedly remained stable, demonstrating the network's resilience. The US, Russia, and China together control over 65% of global Bitcoin hashrate, highlighting the continued concentration of mining power among major players.

Iran's Bitcoin Mining Hashrate Plunges 77% Amid Regional Tensions

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