A theory circulating on X (formerly Twitter) proposes that U.S. military strikes on Iranian energy infrastructure may have inadvertently benefited Bitcoin by eliminating a covert state mining operation that was systematically dumping coins to circumvent international sanctions.
According to the unverified narrative, Iran's Islamic Revolutionary Guard Corps (IRGC) operated large-scale Bitcoin mining at exceptionally low costs of approximately $1,300 per coin—substantially below global production costs. The mined Bitcoin was allegedly sold on open markets over years as a mechanism to finance imports and evade financial restrictions, creating consistent but invisible selling pressure that depressed prices across the market.
The theory claims that recent U.S. airstrikes targeting Iranian power generation capacity disrupted electricity supply to mining facilities, causing network hashrate to decline sharply within hours and eliminating ongoing sales from this alleged operation. Proponents argue this unintended consequence reduced structural bearish pressure on Bitcoin, potentially creating conditions for price appreciation by removing a major undisclosed seller from the market.
The claim remains speculative and lacks independent verification. No credible evidence has publicly documented such an Iranian state mining operation or its scale, though geopolitical tensions and energy infrastructure damage in the region are documented facts. The theory underscores how limited transparency in global mining operations creates space for alternative explanations of market dynamics.