Iran’s Crypto Mining Sector Hit Hard As Hashrate Drops Nearly 80%

Global Bitcoin mining power is concentrated, with the US, Russia, and China controlling over 65% of the hashrate. This concentration highlights how localized disruptions can impact smaller mining markets. Iran has experienced a significant decline in its hashrate, dropping by approximately 77% in the past quarter. This reduction is attributed to regional conflicts and geopolitical tensions with the US and Israel. Despite Iran's substantial loss of mining capacity, nearby hubs like the UAE and Oman remained stable. The report emphasizes this as a localized event, not a threat to the overall Bitcoin network. The global hashrate remained robust near 1,000 EH/s, indicating the network's resilience. No single region possesses enough mining power to disrupt the network's continuity independently. The global hashrate has seen a broader decline of 5.8% in the second quarter compared to the first. This network-wide dip is primarily linked to falling Bitcoin prices, which have reduced mining revenue and profitability. Consequently, older mining machines that are less efficient have been switched off or relocated in pursuit of better conditions.