Bitcoin hashrate plummets 35% amid frost in Texas
Back on January 13, the network hashrate of the first cryptocurrency reached 670 EH/s, but currently the figure has dropped to 402 EH/s. This is mainly due to the shutdown of mining equipment in the American state of Texas - frosts lead to an increase in energy consumption for heating, so miners turn off the devices. The Energy Stability Council of Texas (ERCOT) issues guidance. However, miners will subsequently be compensated for losses incurred.
“Many Bitcoin miners in Texas, including Marathon, have shut down operations in the last few days to support the state's energy grid and citizens due to the cold weather. After all, miners, among other things, are a technological solution for energy workers. If necessary, the load can be reduced in a matter of minutes to free up capacity for other consumers. That’s what we’re seeing,” said Marathon Vice President of Corporate Communications Charlie Schumacher.
Let us recall that at the end of 2022, Bitcoin’s hashrate fell by more than a third due to a snow storm in the United States.
