Experts Debate Why Bitcoin Hashrate Plummeted in June
In June, Bitcoin’s hashrate suddenly plunged to its lowest level in over a year. The decline came amid heightened political tensions between the US and Iran, prompting speculation about a potential geopolitical connection.
However, experts remain divided. What are the arguments on both sides of the debate? Here’s a deeper look.
Bitcoin Hashrate Plunges After ATH – Is Iran the Culprit?Hashrate, a key metric measuring the computational power securing the Bitcoin network, indicates the scale and health of mining activity.
A high hashrate means more miners participate, making the network more secure. When the figure drops, it typically suggests that many miners have paused operations for some reason.
According to CryptoQuant, the 7-day average Bitcoin hashrate dropped to 800 EH/s — its lowest level since March 2025.
Bitcoin Hashrate. Source: CryptoQuant
This sharp decline occurred between June 14 and 24, coinciding with rising military tensions involving Israel, the US, and Iran.
Nic, founder of CoinBureau, proposed a provocative theory. He suggested Iran may have converted oil into Bitcoin to bypass sanctions and fund state spending.
In a post on X, Nic estimated that about 3.1% of the global Bitcoin hashrate could be coming from Iran.
About 1 in every 32 Bitcoin may be mined in Iran 