Bitcoin Miners Shut Down: What Really Happened in Iran?
Published: 2025-07-04
Status:
Available
|
Analyzed
Published: 2025-07-04
Status:
Available
|
Analyzed
Predictions from this Video
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Prediction
Topic
Status
Bitcoin's hash rate experienced a significant drop of over 15% in June, marking the largest and fastest decline in approximately three years.
"the global hash rate fell by more than 15%. It was the biggest and fastest drop in around 3 years."
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A nationwide internet blackout in Kazakhstan in January 2022 caused Bitcoin's global hash rate to drop by over 13%.
"In January 2022, mass protests over an unrelated spike in fuel erupted across Kazakhstan. And in response, the government imposed a nationwide internet blackout that lasted for days. With no internet, miners were knocked completely offline, causing the global hash rate to plunge by over 13% almost overnight."
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During an Iranian government-imposed internet shutdown on June 20th, Bitcoin's global hash rate decreased by approximately 2.2%.
"Blockchain data shows that at the same time, the global hash rate dipped by about 2.2%."
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Following strikes on Iranian facilities and subsequent power outages around June 23rd, Bitcoin's global hash rate experienced another decline of approximately 1%.
"A few days later, on Sunday the 23rd, strikes were reported on Iranian facilities, leading to widespread power outages, and again, the global hash rate took another hit, this time about 1%."
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Prior to the events in Iran in mid-June, Bitcoin's hash rate had already declined by over 6% between June 15th and June 20th.
"Between the 15th and the 20th of June, it had already fallen by over 6%."
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In late 2024, the estimated electricity cost to mine one Bitcoin in Iran was approximately $1,300, while its international market price was close to $100,000.
"In late 2024, it was estimated that you could mine one BTC in Iran for an electricity cost of about $1,300. At the same time, you could sell that one Bitcoin on the international market for close to $100,000."
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In 2021, it was reported that approximately 85% of Bitcoin mining in Iran was unlicensed.
"In 2021, Iran's own president admitted that something like 85% of all mining in the country was unlicensed."
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By 2023, roughly 100,000 out of 180,000 active Bitcoin mining devices in Iran were reportedly owned by the state or affiliated entities.
"By 2023, it was estimated that of the 180,000 mining devices active in Iran, approximately 100,000 belonged to the state or its affiliates."
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At its peak, unlicensed Bitcoin mining in Iran was estimated by officials to consume up to 2,000 megawatts of electricity, comparable to the output of two to three nuclear power plants.
"At its peak, various Iranian officials estimated that unlicensed or illegal Bitcoin mining in the country consumed up to 2,000 megawatts of electricity, an amount equivalent to the output of two to three nuclear power plants."
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In January 2025, Iran's central bank was officially designated as the sole regulator for the cryptocurrency market.
"In January 2025, the government moved to formalize its authority, designating the central bank as the sole regulator for the crypto market."
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Crypto outflows from Iran increased by 70% in the previous year, totaling an estimated $4.18 billion.
"According to a report by Chain Analysis, crypto outflows from Iran shot up by 70% last year, reaching an estimated $4.18 billion."
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Iran's share of the global Bitcoin hash rate, which was between 4.5% and 8% in 2021, generating approximately $1 billion in revenue, has decreased to around 3.1% due to power issues, crackdowns, and increased global competition.
"At its peak in 2021, Iran was estimated to control somewhere between 4.5 and 8% of the entire global Bitcoin hash rate, reportedly bringing in around a billion dollars in revenue for the government. That number has since fallen as power shortages, government crackdowns on illegal mining, and the network become more competitive globally has eroded their share. Recent estimates put it at around 3.1%."
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