BitMEX founder Arthur Hayes said that the war environment in the Middle East 
$67,355He suggested that it could have a positive impact on the price of . According to Hayes, Iran’s Bitcoin mining could play an important role in this process.
Iran’s Contribution to Bitcoin Mining and Hash Rate
In his analysis, Hayes evaluated how conflicts between Israel and Iran could affect the crypto market. He reminded that Iranian miners in particular contribute to approximately 7% of the global hash rate. This situation highlights the potential impacts of Iran’s crypto mining industry.
Hayes argued that Israel’s possible attacks on Iran’s mining sector will not reduce the BTC price. He cited the rapid recovery of the hash rate despite China restricting mining in 2021 as an example. Bitcoin had reached new peaks during this period.
The Relationship Between Oil Prices and Bitcoin
Hayes noted that oil prices could rise if the conflict hits oil infrastructure. He suggested that this increase could also affect the price of Bitcoin. Rising energy costs could lead to Bitcoin gaining value against fiat currencies. “Bitcoin is energy stored in digital form,” Hayes said. “If energy prices increase, the value of Bitcoin against fiat also increases,” he said.
Mining Difficulty and Energy Costs
Hayes said some large miners may struggle as energy costs rise. However, if the hash rate decreases, the mining difficulty will decrease. In this case, new miners can make a profit despite higher energy costs.
Hayes concluded his statements by emphasizing that Bitcoin is resistant to such economic fluctuations.
These evaluations are important in understanding the potential of Bitcoin against geopolitical developments. Bitcoin may gain value depending on fluctuations in energy prices. By considering these dynamics, investors can make more informed decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
