Iran Conflict Highlights Bitcoin Miner Vulnerabilities in Price Risk and AI Pivot, Not Power Costs

On 13 March 2026, analysis of the U.S.-Israel strikes on Iran that began on 28 February showed that only about 8–10% of Bitcoin’s global hashrate depends on oil-linked power grids, leaving roughly 90% largely shielded from crude price spikes. The main threat to miners comes from Bitcoin’s price and collapsing hashprice, which has pushed marginal operators toward shutdown while large public miners sign over $65 billion in AI and high-performance computing contracts to repurpose their energy infrastructure.