I just noticed that energy prices have increased due to tensions in Iran, and this has a significant impact on Bitcoin mining. As the operational costs for miners rise, we see the hash rate decreasing over the past five weeks. This is an interesting trend because usually when the hash rate drops, mining becomes more profitable for the remaining miners, but in this situation, the energy crisis is overriding that advantage. Many mining operations are shutting down or reducing their capacity because they can no longer afford the electricity bills. I observe that small miners are the first to suffer, while large operations with access to renewable energy remain relatively stable. The geopolitical situation in the Middle East has truly become a major factor in the crypto market right now. It’s not just about Bitcoin price movements but also the fundamental mechanics of the network itself. It’s worth monitoring how this will resolve in the coming months because if energy prices normalize, the hash rate might recover as well. This introduces volatility into the market, so it’s important to stay informed about these developments.