"Bitcoin (BTC) hashrate falls amid Iran war fallout… mining and market pressure intensifies"
Summary
- An analysis said that a sharp rise in energy prices stemming from the Iran war is increasing strain on the Bitcoin (BTC) network.
- Bitcoin’s hashrate fell about 8% last week to 920 EH/s, which was attributed to geopolitical tensions in the Middle East and rising crude prices.
- Bitcoin mining difficulty is expected to drop by up to 10%, and the sharp hashrate decline was analyzed as coinciding with rising miner stress and downward pressure on Bitcoin prices.
Forecast Trend Report by Period
A sharp surge in energy prices triggered by the war in Iran is weighing on the Bitcoin (BTC) network, according to an analysis.
According to cryptocurrency-focused media outlet CoinDesk on the 18th (local time), Bitcoin’s hashrate fell about 8% last week to around 920 EH/s. The decline is attributed to geopolitical tensions in the Middle East and rising crude prices.
With roughly 8–10% of global Bitcoin mining conducted in regions sensitive to energy costs, higher energy prices are said to be curbing mining activity.
Mining difficulty is also expected to fall by as much as 10%, which could mark one of the largest downward adjustments in the past five years.
The outlet noted that “a sharp drop in hashrate typically coincides with periods of heightened miner stress and increased downward pressure on Bitcoin prices.”
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
