A sharp decline in Bitcoin’s global hashrate has stirred speculation that recent U.S. airstrikes on Iranian nuclear facilities may be to blame. The attacks, which occurred on June 22, have raised concerns about potential damage to Iran’s power infrastructure, particularly in areas known to host significant Bitcoin mining operations.
According to data from Coinwarz, the hashrate dropped sharply to around 753.81 exahashes per second (EH/s), down from 943 EH/s recorded in mid-June. This decline coincided with a brief dip in Bitcoin’s price to $98,500, before it rebounded above the $101,000 mark.
The hashrate reflects the total computing power securing the Bitcoin network. A decrease typically indicates that miners have gone offline—often due to power outages, technical disruptions, or regulatory crackdowns. In this case, crypto observers on X (formerly Twitter) are pointing to the airstrikes as a likely cause.
Iran has long been a significant contributor to global Bitcoin mining, having legalised the industry in 2019. The country issued licenses to operators and leveraged cheap electricity—sourced from fossil fuels and nuclear power—to support its mining ecosystem. At its peak, Iran accounted for roughly 4.5% of the global hashrate, though that figure has since declined to about 3.1%.
While there is no official confirmation that the U.S. strikes specifically targeted infrastructure supporting Bitcoin mining, reports of blackouts and internet disruptions in Iran lend weight to the theory that the sector was indirectly affected. Whether through direct hits or cascading power failures, it appears Iranian miners may have been forced offline, at least temporarily.
If the affected miners are able to reconnect to the power grid, the hashrate may stabilize. However, any further escalation or additional damage to energy systems could prolong the disruption. Bitcoin’s network is designed to adapt—if mining power continues to fall, the system will automatically lower its difficulty to maintain consistent transaction times.
This would not be the first major disruption to the network. In 2021, China’s mining ban caused a similar plunge in hashrate. The network eventually recovered after miners relocated to more favourable jurisdictions. Whether the current decline follows a similar path will depend largely on how the situation in Iran unfolds in the coming days.
