Just when things seemed steady, Bitcoin’s mining power suddenly took a sharp dive—only to rebound just as fast.
It’s the kind of dramatic swing that reminds us how sensitive this industry still is to everything from geopolitics to the weather.
Let’s break down what just happened and why it matters for miners, investors, and anyone watching Bitcoin’s future.
A Sudden Drop Sparks Concern
This week, Bitcoin’s hashrate—basically the combined power of all mining computers—fell to around 660 exahashes per second (EH/s).
That’s the lowest it’s been since summer 2024.
So what caused the drop? All signs point to rising global tensions.
Reports suggest that recent U.S. military strikes on Iran and Iran’s retaliation led to some mining operations in the region temporarily shutting down.
Iran once contributed nearly 4% of the global Bitcoin hashrate. Now? It’s barely holding 0.1%.
Meanwhile, the U.S. continues to dominate mining activity, with over 35% of all mining power currently located stateside.
Heatwaves and Energy Prices Push Miners Offline
It wasn’t just geopolitical unrest. A scorching heatwave in Texas added more pressure.
Mining rigs generate a ton of heat, and cooling them during a Texas summer becomes wildly expensive.
Elsewhere, China and parts of Canada have also seen reduced hydroelectric power generation as river levels drop in hotter months.
Some mining farms have had no choice but to temporarily power down to avoid operating at a loss.
This isn’t just about mining—it’s tied to how energy grids manage demand.
When power is in short supply, Bitcoin miners are often the first to unplug.
Hashrate Bounces Back as Big Players Reconnect
Then, just as quickly as it dropped, the hashrate surged back up by more than 30% in a single day, crossing the 1,000 EH/s mark again.
What caused the sudden rebound?
A number of large-scale, next-gen data centers came back online after scheduled maintenance or testing.
When major facilities flip the switch all at once, the impact on the network can be massive.
While early data can exaggerate these kinds of jumps due to reporting delays, the takeaway is clear: the Bitcoin network is responsive and highly influenced by big mining players.
Lower Difficulty Eases Pressure on Miners
In a bit of good news for miners, Bitcoin’s mining difficulty dropped by about 8.5% in June.
That means it’s now slightly easier and cheaper to mine new coins.
On-chain data suggests it currently costs around $98,000 to mine one bitcoin, which gives many operations some breathing room with BTC prices hovering near $107,000–$108,000.
The Bigger Picture: A Delicate Balance
This week’s swings highlight how tightly Bitcoin’s infrastructure is woven into global events and local energy markets.
It also shows just how quickly the network can adapt—both up and down.
From military conflicts and climate to energy availability and corporate strategy, Bitcoin mining is riding a very real rollercoaster.
And every bump, dip, or surge sends ripples across the entire crypto space.