June 2025 has been a month of notable shifts for the Bitcoin network, marked by a significant decrease in hashrate and a growing trend of companies adding Bitcoin to their balance sheets. These developments highlight both the vulnerabilities and the increasing mainstream acceptance of the cryptocurrency.
The Bitcoin network hashrate, a key indicator of the computational power used to secure the blockchain, experienced a sharp decline in June. Between June 15 and June 24, the hashrate plummeted by over 15%, dropping from nearly 943.6 billion terahashes per second (TH/s) to 799.9 TH/s. This represents the most dramatic fall in the last three years, reaching levels not seen since May. While a 3.5% drop was reported as the sharpest decline since July 2024. This decrease could reflect a reduction in mining activity, potentially impacting the network's security and block processing times.
The reasons behind this sudden downturn are still under debate. Some experts suggest a connection to geopolitical tensions, particularly between the U.S. and Iran. It's speculated that U.S. airstrikes on Iranian nuclear facilities, which reportedly caused electric grid outages, may have disrupted Bitcoin mining operations in the region. The Iranian government's near-total internet blackout on June 20, intended to protect against cyberattacks, also coincided with a hashrate decrease. However, data indicates that the hashrate was already declining before these events, suggesting other factors are at play.
Another potential cause is the extreme heatwaves in the United States, which may have led to curtailment of mining operations due to increased electricity usage and strain on power grids. Data from the U.S. Energy Information Administration (EIA) shows a surge in electricity usage in Texas, partly due to the growth of data centers and mining facilities. Regardless of the exact cause, the hashrate drop has implications for Bitcoin's price and mining strategies. A 9% decrease in mining difficulty could provide some relief for the remaining miners, increasing their short-term profitability due to less competition for block rewards.
Despite the hashrate decline, June also saw a growing number of companies adding Bitcoin to their balance sheets, signaling increasing institutional adoption. At least 26 firms have embraced Bitcoin as a strategic reserve asset and a growth catalyst. This trend is driven by factors such as inflation hedging, asset diversification, and a desire to appeal to tech-savvy consumers. Companies like Tesla, MicroStrategy, and Block have paved the way, with MicroStrategy famously purchasing over $2 billion worth of Bitcoin.
UK-listed firms Vinanz and Smarter Web Company are among the latest to join this trend. Vinanz, a mining operation, has acquired over 58 BTC for its treasury, worth over $5 million. Smarter Web Company, known for web design and digital services, has also added Bitcoin to its treasury reserves, viewing it as a long-term hedge against inflation. ProCap Financial, a "bitcoin-native" financial services firm, merged with Columbus Circle Capital Corp. in a SPAC deal, creating a company that will hold $1 billion in Bitcoin on its balance sheet.
This growing corporate adoption has the potential to stabilize Bitcoin's price by bringing more institutional capital into the market. It also highlights the increasing importance of secure crypto custody solutions for businesses. As companies navigate regulatory environments and public perception, integrating Bitcoin into their corporate strategy could become a defining trend. While Bitcoin remains a staple in crypto-native treasuries, some companies are also diversifying into other digital assets like Ethereum (ETH) and Solana (SOL).
