The Bitcoin network showed an anomalous move in the past weeks, as the hashrate slowed down to a six-month low. In the past day, mining capacity expanded suddenly, adding over 30% as miners came back online.
The Bitcoin network hashrate is back near its all-time high, at over 1000 EH/s. Just a day ago, the network saw an outflow of mining capacity, with the total hashrate sinking to around 660 EH/s, a level not seen since the summer of 2024.
The recent drop in hashrate was also relatively steep, coinciding with the US strikes against Iran and subsequent retaliation. This led some commenters to believe part of the hashrate went offline as a result of preventive measures for regional data centers.
The BTC hashrate recovery coincided with a price rally, driven by a mix of spot demand and risky derivative trading. BTC briefly returned above $108,000, later stepping back to the $107,000 range.
According to available data, Iran is an active BTC miner, but only holds around 4% of the network’s hashrate at the peak. Currently, Iran has 0.12% of the network capacity, while the US remains the leader with over 37% of mining, often led by corporations and dedicated data centers.
Hashrate driven down by heatwave?
One of the explanations for the recent drop in mining capacity was a heatwave, specifically hitting parts of the USA. This led to the temporary shutdown of data centers due to the cost and complexity of cooling.
Texas data centers, which are most affected by the heatwave, are already powerful and influential enough. The mining seasonality is already visible during previous cycles. Currently, the sharp hashrate drop in the short term may be linked to the creation of even larger mining facilities.
BTC mining may also depend on hydroelectric power in different regions, where availability is slowing down during the summer season. Bitcoin mining is also often used to balance energy grids or excess production, leading to seemingly abrupt shutdowns.
Not all of the mining capacity is immediately reported, and the hashrate levels may vary depending on data inclusion. As of June 2025, 13 countries lead the mining race. The profile of mining has switched to actively managed facilities, rented mining and big data centers, leading to more coordination in deciding to shut down capacity.
Mining becomes easier after the June slowdown
In June, the Bitcoin network difficulty already went down from its peak, making mining 9% easier. This gave a relief to miners, who are producing blocks at the highest price. Currently, the price to produce 1 BTC is estimated at around $98,000, giving miners a potential profit at the current price.
The next difficulty adjustment is expected on June 29. The next difficulty, based on the slower mining for the last two weeks, may go down another 7.9%. Miners will also attempt to affect difficulty, as some pools have a habit of shutting down if their personal production costs become unfavorable.
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