Is Iran Really Impacting Bitcoin Hashrate?

So there's this buzz going around about how Iran's involved in Bitcoin mining. Apparently, when the bombings started, the hashrate took a nosedive, like around 27%. I see the charts on bitinfocharts still showing that drop. Do you think this theory holds water? Or is it just the usual hashrate reacting to price changes?

Nah, I don’t buy that Iran is behind the drop. Seems like just random fluctuations to me. A butterfly could’ve caused the same effect, who knows.

I’m not sure what caused it either, but it’s been fluctuating for months. You can totally see the ups and downs in the graph I posted.

Curious about how these services even calculate the hashrate. So many mining pools out there, and not all of them are public.

Yeah, me too. I thought we could see real-time hashrate, but all the data seems outdated. It’s like they’re averaging daily points or something, which is weird. But I find Iran’s mining potential interesting, especially with other countries like Russia getting into it.

Check this out. You can find the hashrate using bitcoin-cli getmininginfo. It’s not perfect, but gives a decent estimate. Also, with the extreme heat in Texas lately, a lot of miners shut down to avoid overloading the grid.

I doubt the theory’s legit. Sure, there were bombings in Iran, but life goes on there. They can’t have that many miners compared to what China used to have before that crackdown.

Totally agree, Texas tends to power down mining rigs during the summer. The heat's brutal.

Also worth mentioning that Iran had power issues before and even banned Bitcoin mining for a bit. The graphs can be misleading too; some sites smooth them out, making dips look worse than they are.

Exactly! Miningpoolstats just adds up known pools, so if it’s not in their list, it’s ignored. For me, profit is key, not really the math behind hashrate.

The calculations aren’t perfect, but they work. It’s based on how many blocks are found in 24 hours. You can adjust the numbers for more accuracy, but it’s a rough estimate.

But isn’t it odd how the sell-off happened right after the U.S. bombed targets in Iran? News makes waves; bad news spreads FUD quickly. Maybe it’s more than coincidence.

I wouldn’t say it’s accurate enough to jump to conclusions. Variance in block finding can mess up the numbers. You’d think a drop means miners quitting, but that's not always the case.

Yeah, the last drop was likely due to Texas heat. That lasted like two weeks with a consistent dip.

I’m with Robert Warren on this. Iran’s just a scapegoat. Texas heat was a major factor, and there could be other unknown causes too.

Definitely. Record-high temps in Texas causing demand spikes, which forced miners to cut back. Makes sense.