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