According to Blockchain.com hashrate Bitcoin, he recorded the most dramatic fall of the last three years between 15 and 24 June.
Hashrate Bitcoin decreased from almost 943.6 billion terahashs per second (th/s) on 15–799.9 TH/s 24 June – a decrease by over 15% and level not evident from May.
A edged drop fueled speculation about possible geopolitical and environmental causes.
Although the cause of a sudden slowdown is not yet confirmed, many of the cryptocurrency community indicate Iran as a reason for falling in Hashrate Bitcoin.
Related: 93% of all bitcoins are already mined. Here’s what it means
Alleged connection of Iran
Iran is known for conducting gigantic Bitcoin mining operations in the country. National Resistance Council of Iran Reported At the end of May, gigantic cryptocurrency mining operations operate or protected by Iranian state entities, especially the Islamic Corps of the Revolutionary Guard, are even partly guilty of local power outages.
Although it makes the connection with Iran likely, closer control raises some doubts about this theory. Iranian government imposed TechCrunch reports that almost total internet blackout to protect against cyber attacks.
This coincided with a global slogan falling from 884.6 million Th/SW days 19–865 TH/SW of June 20. This is a decrease by a 2.2%.
Then there was a strike in the USA in Iranian nuclear facilities on June 22, which according to ReutersIt also led to a failure of the electrical network. This coincided with a 1% decrease in the global hashrat from 869.9 TH/SW days 21 to 860.9 TH/s 22 June.
Related: Bitcoin Hashrate Tops 1 Zetahash in Historic
The connection is delicate
Only just over 3% of the complete decrease in Hashrat coincided with the last events in Iran. In addition, Hashrate fell by over 6.25% from June 15 to June 19, before Iran was bombed by the USA or imposed a darkening of the Internet.
These data show that Hashrate was already a edged decline before the events, and the constant fall is simply a continuation of a continuous trend. A trend that can be tightened by events in Iran.
Other factors that probably play a role are rising electricity and ongoing prices Wave in the USA. Thermal waves cause lower mining efficiency, which may lead to closing low -performance mining devices.
Thermal waves also lead to a higher energy demand and higher energy prices, which further reduces the profitability of Bitcoin extraction. Recently Con Edison based in Fresh York he asked Customers to save energy during a ongoing heat wave, which increased energy prices in some regions to the highest since January.
Despite this, Bitcoin network hashrate is not directly measured. Instead, it is calculated on the basis of the block time and the current difficulty of extracting.
This is possible because the difficulty of extraction provides information about how much computing force is needed to find the correct block. Since the calculation requirement is average and the actual extraction has significant differences based on a pure opportunity, the calculation of hashrat is imprecise.
For this reason, Iran’s theory cannot be rejected, although market observers suggest a combination of geopolitical, environmental and economic pressure.
Warehouse: Inside the Iranian Bitcoin mining industry
