Bitcoin hashrate down ~15% since June 15, steepest drop in 3 years

Bitcoin's hashrate fell more than 15%, from nearly 943.6 billion TH/s on June 15 to 799.9 TH/s on Tuesday, the steepest three-year drop according to Blockchain.com data. Many in the cryptocurrency community have blamed Iran, but the article finds that connection weak: only a little over 3% of the decline coincided with recent Iranian events, and the hashrate had already fallen more than 6.25% before the US strike or the internet blackout. The article points instead to a US heatwave, rising electricity prices and low-profit mining facilities shutting down. It also notes that network hashrate is calculated from block time and mining difficulty rather than measured directly, so the figure is imprecise.