According to Checkonchain, pressure on the industry has intensified against the backdrop of the escalating conflict between the U.S. and Israel on one side and Iran on the other. The rise in oil prices above $100 per barrel has led to an increase in electricity costs — a key resource for mining $BTC .
Up to 8–10% of the world's hash rate, dependent on energy supplies from the Middle East region, are under threat. The risks are exacerbated by the tough rhetoric of U.S. President Donald Trump and restrictions on shipping through the Strait of Hormuz.
Amid rising costs, mining companies are forced to sell off reserves, creating additional pressure on the market. Major public players, including Marathon Digital and Cipher Mining, are accelerating business diversification—part of the equipment is being redirected to artificial intelligence and high-performance computing tasks.
Another recalculation of mining complexity is expected in early April. According to analysts, the indicator may continue to decline if the price $BTC does not return to levels that ensure mining profitability.
If $BTC consolidates below $88,000 and shows no signs of recovery, the outflow of miners may intensify, and complexity may continue to decline, noted Checkonchain.
Earlier, the Chinese company Cango, one of the largest miners and engaged in car sales, reported a net loss of $452.8 million for its first full year of Bitcoin mining and began selling crypto assets.