Bitcoin Hashrate Drops Despite Price Recovery to $107K

Bitcoin rebounded to $107K after a ceasefire in the Middle East, but the network’s hashrate dropped 8%. How does this affect miners and the market?

Bitcoin price up, but network power down

Bitcoin rebounded sharply to $107,000 after briefly dipping below $98,500. The surge followed U.S. President Donald Trump’s announcement of a complete ceasefire between Israel and Iran, which eased global tensions.

While traders welcomed the news, the Bitcoin network showed signs of stress. According to Glassnode, the hashrate dropped by 8% from June 15 to 19—falling from 943.6 million TH/s to 865.1 million TH/s.

Why is hashrate declining?

Some analysts attribute the drop to disruptions in Iran. Unofficial mining operations may have been temporarily shut down due to political or energy-related issues. Reports have claimed that mining in Iran consumes up to 2 gigawatts of power.

Another possible reason is severe weather in the U.S. Back in April, Bitcoin’s hashrate dropped 27% after tornadoes and storms in Texas and Oklahoma knocked out power grids, causing mining outages.

What does this mean for miners and the market?

Lower hashrate can increase short-term mining profitability by reducing network difficulty. As of June 24, hashprice was $51.9. If difficulty continues to fall, earnings per EH/s may rise.

Still, experts warn that such fluctuations are not unusual and often self-correct. The post-halving environment requires miners to be efficient and resilient, especially amid rising energy costs and geopolitical risks.