🟠 BTC Hashrate

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Good morning — Jordan here.

Happy Thursday to the 19,293 Minimalist members reading today. 👋 

Today we’re covering:

• Bitcoin hashrate down 15% since June 15

• India reserve speculation

• Only 3% of mining drop linked to Iran

• And everything else you need to know.

Estimated read time: 2 minutes and 45 seconds

WHAT WE’RE WATCHING

🇮🇳 India’s ruling party considers Bitcoin reserve pilot. BJP official Satvik Bhandari revealed plans to explore a national Bitcoin reserve, aiming to enhance India’s economic sovereignty. The proposal is still in early stages and not yet endorsed by the broader government.

⚡ Bitcoin’s hashrate plunged over 15% since June 15—the steepest drop in three years. While Iran-related blackouts and U.S. strikes drew attention, only ~3% of the decline links directly to Iran. Heatwaves and soaring electricity prices in the U.S., especially Texas, appear to be the main culprits.

📊 According to PlanB, Bitcoin’s early adoption mirrors past tech revolutions. He claims that BTC’s rising value reflects growing distrust in fiat currencies. As inflation erodes traditional money, Bitcoin is gaining traction both as a hedge and as an emerging monetary network, still early in its adoption curve.

📊 Coinbase stock nears record close amid regulatory optimism. The company’s shares rose over 4%, buoyed by hopes for favorable Bitcoin & crypto regulation and growing investor confidence. Analysts point to increased clarity from recent court decisions as a key driver behind the surge.

🐋 Early Bitcoiner WhalePanda warns of growing "paper Bitcoin" risks. He highlights concerns that ETFs and custodians may be offering exposure to BTC without holding real coins, potentially inflating supply and undermining Bitcoin's scarcity—a situation he likens to gold market manipulation. See his recent X posts for more info: post 1; post 2.

🟠 Bitbo launches new Alts in BTC dashboard. Our new section lets users compare altcoin prices, returns, and DCA strategies in Bitcoin terms. The tool highlights long-term altcoin underperformance relative to BTC. Disclaimer: Bitbo remains Bitcoin-focused; this is not altcoin promotion.

IN THE LOOP

• Analyst Jeff Walton says MicroStrategy has a 91% chance of joining the S&P 500 if Bitcoin stays above $95,240 through June 30.

• Japan’s Metaplanet bought 1,234 BTC, surpassing Tesla with a total of 12,345 BTC.

• Iran and Israel spent over $25 billion during their 12-day war, equivalent to 1% of Bitcoin’s total supply.

• “Satoshi-era” Bitcoin miners have sold just 150 BTC in 2025 as larger miners increase reserves despite all-time high prices.

• According to PlanB, Bitcoin's RSI has hit 70, a level that concerns traditional investors but remains within the typical BTC range of 40–90, suggesting room for further upside.

The most clicked link in our last newsletter was about nearly 3,000 Bitcoin nodes facing potential isolation as a relay policy dispute threatens soft partitioning ahead of Bitcoin Core v30’s October release.

MACRO & INDUSTRY

• Ledger is ending support for its Nano S wallet, prompting user backlash over forced upgrades and future security concerns.

POLL

TUESDAY’S POLL RESULTS

Would using Bitcoin as mortgage collateral make you more likely to buy a home?

🟩🟩⬜️⬜️⬜️ 🔐 Yes – finally, a way to use my BTC without selling (43%)

🟨🟨⬜️⬜️⬜️ 💰 Maybe – depends on the loan terms (37%)

🟥⬜️⬜️⬜️⬜️ ❌ No – still prefer to stay out of fiat debt (20%)

💰 Maybe: “It introduces risk once again but I think the risk factor is reducing. ‘Not your keys not your coin’ still applies for me for now.” — John

💰 Maybe: “Not if they hold the keys.” — Adam

💰 Maybe: “It allows flexibility when required.” — Blake

❌ No – still prefer to stay out of fiat debt: “Hate debt.” — Gordon

CHARTS & DATA

Bitcoin vs DXY - The dollar index just hit a multi-year low, historically a signal for Bitcoin rallies as capital rotates into risk assets.

Hashrate - Hashrate has started to pick up again after the massive drop last week.

FROM THE ARCHIVE

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