A move by the Iranian government to cut off the power supply to local Bitcoin (BTC) miners grabbed headlines in June amid a soaring price gain by the preeminent cryptocurrency. As Bitcoin surged to prices not seen since 2017, a rising hash rate mirrored renewed interest in the cryptocurrency. By July 1, the Bitcoin mining hash rate surpassed 69 quintillion hashes per second.
Nevertheless, the action by Iranian officials is a stark reminder that regulatory moves can still hold sway over the use of cryptocurrencies around the world. The Bitcoin mining space has marched on over the last two years through the depths of a humbling and harsh environment for the entire cryptocurrency space.