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If the conflict continues, it could disrupt the power grid, and Iran's Bitcoin mining output could decline in the short term.
In July 2019, Iran officially recognized and legalized cryptocurrency mining, treating it as an industrial activity. While mining is legal, using cryptocurrency for domestic payments remains restricted or prohibited to protect the value of the Rial.
Recent estimates have suggested that Iran accounts for about 2-5% of global Bitcoin mining power. However, much of the activity occurs outside public oversight, so the actual figure may differ significantly.
CoinDesk cited sources indicating that the cost of mining per Bitcoin in Iran is around $1,300, which is then sold on the market. If the conflict persists, power grid disruptions could lead to a short-term decline in Iran's mining output.
Beyond mining, the scale of Iran's cryptocurrency market has expanded year over year. According to Chainalysis, Iran's cryptocurrency ecosystem size reached about $7.78 billion in 2025, up about $380 million from 2024.
Chainalysis also estimates that addresses linked to the IRGC (Islamic Revolutionary Guard Corps) accounted for more than 50% of Iran's total cryptocurrency inflows in Q4 2025.
The inflows into addresses linked to the IRGC were about $2 billion in 2024 and surpassed $3 billion in 2025. Chainalysis notes that the actual scale could be larger due to data-tracing limitations.
In a separate development, Elliptic's January 2026 report indicates that Iran's central bank (CBI) undertook a systematic accumulation campaign of at least $507 million worth of the stablecoin USDT during 2025.
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