US and Israeli airstrikes on Iran have entered their fourth day. A theory is circulating that the attacks aim to destroy Iran’s Bitcoin mining industry, not just military sites.
Cryptocurrency analysts suggest the strikes could knock out 2-5% of global Bitcoin mining power. This would benefit the US as it seeks to become the world’s leading crypto hub under President Trump.
Iran operates a $7.8 billion cryptocurrency ecosystem. The country legalised Bitcoin mining in 2019 to convert sanctioned oil and gas into hard currency. Miners pay as little as $0.005 per kilowatt-hour for electricity. They can produce one Bitcoin for $1,320. The market price is around $68,000.
An estimated 700,000 mining rigs run across Iran. They consume 2,000 megawatts daily. The Islamic Revolutionary Guard Corps controls more than half of this activity. The regime uses crypto to bypass US sanctions and access an estimated $1 billion in annual revenue.
Previous strikes have affected Bitcoin mining. In June 2025, attacks on Iranian nuclear sites caused global hashrate to drop by 1%. Some analysts reported a 15% decline over two weeks.
Current strikes have hit power stations. Experts say a major grid collapse could wipe out Iranian mining entirely. Blockchain firm Elliptic reported a 700% surge in outflows from Iran’s largest exchange minutes after the first attacks on 28 February.
Not all analysts agree on the impact. Wolfie Zhao of TheMinerMag said Iran’s contribution is too small to disrupt the network significantly. Bitcoin’s price fell to $63,000 after the strikes began but recovered to $67,000 by 3 March.
The theory connects to Trump’s crypto policies. In March 2025, he established a Strategic Bitcoin Reserve through executive order. The US now holds seized Bitcoin as a national asset rather than selling it. Trump has stated he will “never sell your Bitcoin.”
Critics on social media claim this creates motive to target Iranian miners. One viral post stated: “You don’t become the crypto capital by competing with a country that mines Bitcoin for $1,320. You bomb their grid.”
US officials have not mentioned cryptocurrency in statements about the strikes. Trump has focused on neutralising Iranian threats. Skeptics argue geopolitical concerns, not crypto competition, drive the conflict.
Bitcoin is trading at $67,500 despite the ongoing hostilities. The situation highlights how digital assets have become entangled with international conflict.
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