According to data from Blockchain.com, Bitcoin’s Hasht saw its most dramatic decline of the last three years between 15 and 24 June.
Bitcoin’s Hasht About 943.6 billion terrasing on 24 June decreased from second (th/s) to 799.9 th/s on 24 June – more than 15% decline and not seen since May.
The sharp decline has speculated about potential geopolitical and environmental causes.
While the reason behind the sudden recession has not yet been confirmed, many in the Cryptocurrency community are pointing to Iran as the cause of the decline in bitcoin’s hash.
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Iran’s prescribed relationship
Iran is known for running a large scale bitcoin mining operations in the country. National Council of Resistance of Iran Informed In late May that large cryptocurrency mining operations are run or preserved by Iranian state actors, especially Islamic revolutionary guard corps, partially guilty of local power outage.
While it makes an Iran connection commendable, the investigation closely creates some doubts about this principle. Iranian government Imprisonment Techcrunch said that on June 20, a nearby Internet Blackout, Techcrunch said to protect himself from cybrants.
It fell from 884.6 million Th/S on 865 Th/S on 20 June with a global hasht. It represents a decline of 2.2%.
This was followed by US strike on Iranian nuclear facilities on 22 June, which according to RootsAlso led by electric grid outage. It declined by 1% from 869.9th/s on 21 June with a decline of 1% from 860.9th/S. on 22 June.
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Connection is weak
The recent incidents in Iran decreased by more than 3% of the total loss in the total hasht. In addition, Hashet fell more than 6.25% from 15 June to 19 June, before Iran was bombed by the US or internet blackout.
This data suggests that the hasht was already on the decline before the events, and the ongoing decline is just a continuity of an ongoing trend. A trend that may be increased by events in Iran.
Other factors that are playing a role, they are rising and are running Hatwave In America. Heatwave results in low mining efficiency, which can motivate to close low-profit mining features.
Heatwaves also give rise to high power demand and high power prices, which reduces bitcoin mining profitability. New York -based Utility Con Edison recently Asked Customers to conserve energy during ongoing heatwaves, which increased the power prices in some areas to its highest level since January.
Nevertheless, bitcoin’s network hashrate has not been measured directly. Instead, block time and current mining are calculated on the basis of difficulty.
This is possible because mining difficulty provides information about how much computing power is required to find a valid block. Since computing is an average and there are important variations based on a pure opportunity in real -world mining, this calculation of the hasht is impervious.
For this reason, Iran theory cannot be dismissed, although market supervisors suggest that geo -political, environmental and economic pressures are in a combination game.
