Summary
- It was reported that the Bitcoin (BTC) network's daily average hashrate hit the lowest point of the year.
- This could be an effect of the Israel-Iran war, and Iran is said to account for about 3.1% of global Bitcoin mining.
- It was analyzed that the significant drop in Bitcoin hashrate after the US airstrikes on Iran is unlikely to be just a coincidence.
Nic Puckrin, founder of CoinBureau, stated on the 27th (local time) via X (formerly Twitter), "The Bitcoin (BTC) network's daily average hashrate recorded about 661.26EH/s this week, marking the lowest point of the year," adding, "This may be due to the Israel-Iran war."
He explained, "Some reports indicate that Iran accounts for about 3.1% of the global Bitcoin mining share," and "This means that for every 32 Bitcoins mined, 1 originates in Iran."
He added, "Iran has adopted a method of converting oil to digital assets to circumvent US economic sanctions," and "Specifically, Iran has supplied cheap energy to foreign miners within the country—mostly Chinese—and secured digital assets in return."
Puckrin further noted, "The sharp drop in Bitcoin's hashrate after the US airstrikes on Iran is likely not a mere coincidence."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
