Iran's Miners Take a Hash Check: 77% Drop in EH/s Amid Geopolitical Drama

Iran's Bitcoin hashrate has taken a digital nosedive, shedding 77%—or roughly 7 exahashes per second (EH/s)—over the past quarter. As tensions flared with the US and Israel, the country's mining output cratered to just 2 EH/s, according to the Hashrate Index. But don't panic: the global network lives on, basically vibing at around 1,000 EH/s like nothing happened. Turns out, Bitcoin doesn't care about your proxy wars.

Geopolitical fireworks don't break Bitcoin—but unprofitability absolutely ruins your weekend. While missiles were doing their thing, it was actually the falling Bitcoin price that detonated mining margins like a rug pull at a DeFi protocol. The global average hashrate slid 5.8%, from 1,066 EH/s to 1,004 EH/s, as block rewards decided they weren't quite covering the electric bill anymore. Nothing says "bear market" like miners doing math.

Ian Philpot of Luxor Technology confirmed the real enemy wasn't drones or sanctions, but the merciless hashprice. At current levels, any rig older than a crypto bear market—think 25+ J/TH efficiency—is basically printing IOUs instead of Bitcoin. Around 252 EH/s of marginal capacity has now gone offline, with legacy gear officially retired to the great server farm in the sky. RIP to those machines, probably running Windows Server 2003.

Interestingly, neighboring UAE and Oman didn't even fl