Bitcoin's hashrate experienced its most significant decline in three years, dropping over 15% from nearly 943.6 billion terahashes per second (TH/s) on June 15 to 799.9 TH/s by June 24. The sharp decrease has sparked speculation regarding potential geopolitical and environmental factors, particularly concerning Iran's involvement in large-scale mining operations. Reports suggest that Iranian state actors, including the Islamic Revolutionary Guard Corps, may be affecting local power supplies. This theory gained traction after the Iranian government initiated an internet blackout on June 20, coinciding with a drop in hashrate. However, more than 6% of the decline had already occurred before these events. Economic factors, such as rising electricity prices and a heatwave in the U.S., may also contribute to reduced mining efficiency and profitability. Overall, while the hashrate calculation is imprecise and can be influenced by chance, a combination of geopolitical tensions, environmental conditions, and economic pressures appears to be responsible for the ongoing downturn.

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