The use of surplus natural gas for power generation has made Iran an attractive destination for cryptocurrency mining, offering a significant cost advantage over other regions.
The country's institutions, including the Islamic Revolutionary Guard Corps, have taken advantage of this opportunity to profit from low electricity prices. As reported by Chainalysis, related wallets are expected to receive over $3 billion in crypto assets by 2025.
However, the industry has faced challenges, particularly after the tightening of policies and partnership disputes led to a mass exodus of Chinese miners, who ultimately left with losses.
In recent times, the conflict in Iran has further disrupted the mining industry. The Tehran airstrike at the end of February 2026 resulted in a surge in withdrawal volume on the crypto exchange Nobitex, increasing by 700%. However, due to a subsequent 99% internet connectivity outage, trading volume quickly declined by 80%.
In light of these developments, Bitcoin has emerged as an escape route for civilians amidst the conflict. While actual asset transfers remain limited, the cryptocurrency's value proposition lies in its potential for liquidity and freedom from economic constraints.