- One in six Iranians use bitcoin, with transaction volumes representing 2.2% of GDP.
- Bitcoin traded at a premium in Tehran while gold traded at a discount in Dubai.
- Civilian sanctions evasion drives Iran’s bitcoin usage, not state mining operations.
Bitcoin usage in Iran has reached one of the highest adoption rates globally, with roughly 14 million people, or one in six Iranians, now using the cryptocurrency to navigate economic sanctions and currency collapse, according to recent CoinShares research.
The data offers real-world evidence of Bitcoin’s role during crisis, according to the report. Annual Iranian bitcoin transaction volumes grew 11.8% between 2024 and 2025 and now represent 2.2% of Iranian gross domestic product, Chainalysis estimated.
See more: Bitcoin Rallies During Iran Crisis, Defying Safe Haven Bets
Iranians have turned to bitcoin as traditional banking systems and the national currency have deteriorated under international sanctions. The cryptocurrency provides access to dollars and a way to preserve wealth when local options fail, the report noted.
The pattern became especially clear during recent conflicts. Transaction volumes from Iranian exchanges spiked 700% within minutes of the first February 2026 strikes, according to Elliptic, a blockchain analytics firm. Addresses linked to the Iranian Revolutionary Guard Corps received more than $3 billion in the fourth quarter of 2025 alone, Chainalysis data showed.
One striking market dynamic emerged during the February crisis: gold traded at a discount in Dubai because it proved difficult to physically move across borders, Reuters reported. Meanwhile, bitcoin traded at a premium in Tehran, CoinShares noted.
Iran Bitcoin Mining Plays Smaller Role
Iran has mined bitcoin since 2019 using subsidized domestic energy, but the mining operation’s scale is often overstated. Luxor, a mining services firm, estimates Iran’s current hashrate share at roughly 0.8%, approximately nine exahashes per second. Hashrate measures the computing power dedicated to mining bitcoin.
Despite speculation that military strikes would knock Iranian mining offline and disrupt the global bitcoin network, that didn’t happen. Neither the June 2025 Twelve-Day War nor the February 2026 Operation Epic Fury strikes caused material hashrate disruption, the report found. NYDIG, a bitcoin financial services firm, found “no supporting evidence” linking hashrate declines to the conflicts.
The findings underscore that Iran’s real impact comes from civilians using bitcoin to evade sanctions, not from state-controlled mining operations. Bitcoin’s primary role in Iran centers on sanctions evasion and individual wealth preservation rather than mining.
Usage spikes predictably around every Iranian crisis event, with on-chain data showing sharp increases in self-custody withdrawals during protests, conflicts, and internet blackouts. The research frames Iran as a case study showing how bitcoin functions when banking systems, currencies, and governments fail their citizens.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
