Iran's Bitcoin Mining Capacity Plunges 77% in Q2 2026

Iran's Bitcoin mining capacity suffered a dramatic 77 percent decline in the second quarter of 2026, dropping from approximately 9 exahashes per second to 2 exahashes per second, as escalating geopolitical tensions disrupted the country's energy infrastructure. The plunge, which erased about 7 exahashes, occurred amid ongoing conflict involving Iran, the United States, and Israel, which intensified in February 2026 with strikes and retaliatory actions. A two-week ceasefire between the US and Iran was announced this week, but the damage to mining operations appears already done.

The sharp contraction in Iran highlights vulnerabilities in Bitcoin mining, which relies heavily on stable and affordable electricity. Officials estimate Iran operates around 427,000 active mining rigs, making it a former powerhouse in the sector due to its low-cost energy resources. However, the conflict has diverted power to essential civilian and military needs, forcing many miners offline. According to Ian Philpot, marketing director at Luxor Technology, the disruption has been contained within Iran's borders, with no significant ripple effects in neighboring countries like the United Arab Emirates...