Bitcoin’s global mining network demonstrated resilience despite a severe regional disruption in Q2 2026. According to a global hashrate heatmap update, Iran’s hashrate fell by 77%, yet the global total only decreased by 5.8% to around 960 EH/s as capacity shifted to the United States and Russia. Concurrently, miner profitability tightened as Bitcoin’s price fell toward $70,000, compressing margins and driving miner reserves down to approximately 1.8 million BTC as operators sold to cover costs.
Bitcoin’s mining system absorbed a sharp regional shock while maintaining overall stability. Iran’s hashrate declined by 77%, losing about 7 EH/s, as detailed in a global Hashrate heatmap Q2-2026 update, which shows how quickly geopolitical risk can erase capacity in energy-dependent hubs.
The global network response proved more significant than the loss itself. The total hashrate decreased by 5.8% and stabilized around 960 EH/s, indicating limited systemic impact despite the regional collapse.
Displaced mining power concentrated in dominant regions following the disruption. The United States accounted for 37.4% of the global share while Russia represented 16.9%.
Miner stress increased as profitability metrics tightened in tandem. The Miner’s Net NUPL declined from over 0.4 to 0.2 as Bitcoin fell from above $110,000, while the Realized Price was rising toward $64,000.
This pressure led miners to reduce their Bitcoin reserves to cover operational costs. Holdings are down to around 1.8 million BTC, continuing a steady decline from more than 3.3 million BTC.
The market response to this selling pressure has not been uniform. Slower reserve drawdowns appear when price stabilizes, suggesting stronger miners hold while weaker ones exit.
Overall, the Iran-linked hashrate drop demonstrated mining fragility, but Bitcoin remains stable as redistribution absorbs shocks. This makes long-term supply dynamics uncertain.
