The biggest challenge to Bitcoin supply since 2021.

The current conflict threatens to immediately shut down 5% of the global hashrate.
With mining costs as low as $1,320 per BTC (compared to over $50,000 in the US), Iran is a bastion of efficiency.
If the regime collapses, the shutdown of 700,000 mining rigs and the potential loss of crypto savings for 10 million Iranians will trigger an unprecedented supply and processing shock.