Adoption increases as btc hashrate drop to 15% in June

[GPVibes]

Bitcoin adoption grew considerably in June, with 26 firms adding it to their balance sheets; meanwhile, Bitcoin’s hashrate fell  

More businesses have followed Michael Saylor's Strategy by adding btc to their balance sheet and that makes up to 250 companies that have some sort of btc treasury.

To add to this good news, 10 states in US have now started working on legislation to include crypto in their commercial code and also establish bitcoin reserve.

Also Asian countries are becoming more receptive to crypto as they have moved into tax exemption for crypto.

I'm sure the heat in US that has put pressure in electricity consumption for cooling houses and work places will soon go away when winter comes.

So what do you make of these companies adopting bitcoin and countries making legistion for hodling and using Bitcoin.

[Charles-Tim]

So what do you make of these companies adopting bitcoin and countries making legistion for hodling and using Bitcoin.

How is this related to the mining hash rate drop?

Or do you mean institutions are adopting bitcoin but why did the hash rate drop? The institutions are different from those that are mining bitcoin.

The institutions and governments know the potential in buying bitcoin, that its price will increase. They know bitcoin is not just an asset but an appreciative asset.

[Bitcoin_Arena]

Israel's attack on Iran had nothing to do with the hast rate drop. It's not like Iran had the highest concentration of Bitcoin miners compared to other parts of the world. The hashrate could have dropped due to other factors, but that war was not certainly one of the causes.
Not sure if big cooperations by BTC and then hoarding it while giving the customers Bitcoin like exchange tradable funds is equal to “adoption”.

[GPVibes]

Israel's attack on Iran had nothing to do with the hast rate drop. It's not like Iran had the highest concentration of Bitcoin miners compared to other parts of the world. The hashrate could have dropped due to other factors, but that war was not certainly one of the causes.
Not sure if big cooperations by BTC and then hoarding it while giving the customers Bitcoin like exchange tradable funds is equal to “adoption”.

I think the reason was mentioned in the original post to be attributed to pressure on the electricity because of the heat and not necessarily the attack on Iran which was just speculative but not founded.

However, companies are hodling to bitcoin because they expect a further surge in the price as the adoption keeps increasing. They all want to make additional profit from the assets that they acquire and bitcoin is one of them.

[BitGoba]

In the past few years, it has been speculated that the Iranian government is mining Bitcoin and that they have large facilities and are mining bitcoins. This has confirmed that those stories were true because there was a bombing and when the large facilities were destroyed  the hash rate dropped.

As for the companies that use Bitcoin, all of them are doing well in their sectors and making enormous profits, and they have to store and preserve the money they earn somewhere. If they stay in fiat currencies, they are by default made to lose value because of inflation and devaluation.

There aren’t many ways to protect and preserve wealth: gold, Bitcoin, real estate, S&P 500. When you add everything up and subtract, Bitcoin looks like the safest and best option.

[BIT-BENDER]

Israel's attack on Iran had nothing to do with the hast rate drop. It's not like Iran had the highest concentration of Bitcoin miners compared to other parts of the world. The hashrate could have dropped due to other factors, but that war was not certainly one of the causes.
Not sure if big cooperations by BTC and then hoarding it while giving the customers Bitcoin like exchange tradable funds is equal to “adoption”.

Funny how people always try to relate what happens in Bitcoin with any random thing happening in the world, something similar to the comparison happened during the early stages of the Russia and Ukraine war, now that everyone has moved passed that we are now faced with the Israel and Iran war.
It is not always true that something like a war which the whole world isn't involved can drastically and suddenly affect Bitcoin in any way.

[OgNasty]

Israel's attack on Iran had nothing to do with the hast rate drop. It's not like Iran had the highest concentration of Bitcoin miners compared to other parts of the world. The hashrate could have dropped due to other factors, but that war was not certainly one of the causes.
Not sure if big cooperations by BTC and then hoarding it while giving the customers Bitcoin like exchange tradable funds is equal to “adoption”.

I think the reason was mentioned in the original post to be attributed to pressure on the electricity because of the heat and not necessarily the attack on Iran which was just speculative but not founded.

However, companies are hodling to bitcoin because they expect a further surge in the price as the adoption keeps increasing. They all want to make additional profit from the assets that they acquire and bitcoin is one of them.

Yes, my understanding of the hash rate drop was the result of a heat wave in Texas where many large mining operations were forced to shut down to preserve the electrical grid.  The fact it coincided with the bombing in Iran was coincidence.  At least that is the prevailing logic on the scenario.  That doesn't make for sensational news though so you have to do a little digging to find the truth.  As with pretty much everything coming from a news outlet these days.  It isn't about truth, it's about advertising dollars and eyeballs.

[Jawhead999]

From the article I read, Iran only represent total of 4.5% in Bitcoin mining. https://www.ncr-iran.org/en/publications/special-reports/bitcoin-mining-in-iran-irgc-operations-and-the-power-grid-crisis/

Since the hashrate drop more than 4.5% it caused by other reason, heatwave in US is possible since they own the biggest mining farm.

The drop of hashrate should trigger more miners to join because the difficulty to mine Bitcoin is little more easier.

[Baki202]

Israel's attack on Iran had nothing to do with the hast rate drop. It's not like Iran had the highest concentration of Bitcoin miners compared to other parts of the world. The hashrate could have dropped due to other factors, but that war was not certainly one of the causes.
Not sure if big cooperations by BTC and then hoarding it while giving the customers Bitcoin like exchange tradable funds is equal to “adoption”.

The impact seems to be less, but one way or the other, I don't think it has anything to do with the market, and what I think is affected now is the oil market, because I know it might lead to an increase in the oil price, so the oil market is the one that will be affected for sure. And I don't think it's only when you have many miners that can affect it. Even if a statement gets serious, it can affect the market, so there are a lot of things that can affect the market.

BTC is one of a kind, so it takes very influential people to actually affect the price of Bitcoin, and there is one thing I notice, which is that you can not even predict the price of Bitcoin because this June seems to be a little green. So, since we are in July, we hope for a greener July. Because a lot seems to be happening, even the ones we did not expect, because Bitcoin is always full of surprises, so only with the chart can we guide.

[Mia Chloe]

Since the hashrate drop more than 4.5% it caused by other reason, heatwave in US is possible since they own the biggest mining farm.
The drop of hashrate should trigger more miners to join because the difficulty to mine Bitcoin is little more easier.

Hashrate drop can decrease mining difficulty  but the thing is economic factors also have a role to play too it's not just a single thing that would cause everything. Imagine due to government rules and regulations a couple of mining companies or pools had to close down in certain regions or countries. Hashrate will only decrease considerably if the Hashrate they generate on the network is also considerable in comparison to the general Hashrate.

[lionheart78]

So what do you make of these companies adopting bitcoin and countries making legistion for hodling and using Bitcoin.

They are just following the current trend?  We all know that US states pushing Bitcoin reserve legislation have somehow create bullish speculation among companies.  Together with many institutions buying BTC to hodl, I believe these create a bullish sentiment on the institution thus influencing these companies adopt BTC.

Aside from that, there are politicians that was running for top seats in the government are supporting BTC and some of them have already won.  This somehow gives an additional trust to Bitcoin market thus those who has doubt before are now sure that Bitcoin is a good investment for their company.