Unprecedented Decline in Network Security

Bitcoin's computational power has experienced its sharpest decline since 2022, with the global hashrate dropping 【15%】 from 943.6 billion TH/s to 799.9 TH/s between June 15-25. Blockchain.com data reveals this represents the most significant ten-day contraction in three years, raising questions about network security and miner profitability.

Geopolitical Storm Hits Mining Operations

——The timing coincides suspiciously with Middle East tensions—— Industry analysts note the hashrate began falling before Iran's internet blackout on June 20, though the US airstrike on June 22 may have exacerbated the trend. Tehran-based mining operations, estimated to contribute 3-5% of global capacity, faced dual disruptions from cyber defenses and power grid failures.

Interestingly, only 3.2% of the total decline directly aligned with Iranian events. The hashrate had already dropped 6.25% in the preceding five days, suggesting broader systemic pressures.

Environmental Factors Compound Crisis

North American miners confront their own challenges as record temperatures sweep Texas and New York. Con Edison's emergency power conservation request highlights the strain, with electricity prices surging to January peaks. The heatwave creates a perfect storm:

• Mining efficiency drops 8-12% in high temperatures
• Cooling costs increase operational expenses by 15-20%
• Marginal operators become unprofitable below $0.05/kWh

Market Mechanics Behind the Metrics

Unlike direct measurements, Bitcoin's hashrate derives from block intervals and difficulty adjustments. This estimation method carries inherent variance—sometimes exceeding 5% during volatile periods. The current reading may partially reflect statistical noise rather than pure capacity reduction.

——The network's self-correcting mechanism will recalibrate difficulty in 13 days—— potentially easing pressure on remaining miners. Historical data shows similar drops preceded major price rallies, as weaker competitors exit the market.

Industry Experts Divided on Causes

While some point to Iran's troubles, others highlight broader economic factors. "This looks like a perfect storm of geopolitical risk, energy inflation, and seasonal effects," noted a Shanghai-based mining pool operator speaking anonymously. The truth likely combines multiple elements:

1. Middle East infrastructure damage
2. North American power market volatility
3. Pre-halving miner capitulation
4. Statistical measurement artifacts

As the situation develops, all eyes remain on whether this represents a temporary setback or signals deeper structural shifts in Bitcoin's mining economy. The network's next difficulty adjustment, expected July 8, may provide clearer answers.