“Bitcoin Hashrate Briefly Drops 30% Due to US Winter Weather”

The bitcoin network hashrate has bounced back to its former level. According to some sources, the computing power briefly dropped by several tens of percent due to the harsh winter in the United States.

Cold hashes

The United States has been plagued by freezing temperatures for the past few days. This also has an impact on the country’s electricity grid. And this in turn has an impact on the mining companies and therefore on the hashrate.

In recent days, millions of Americans have been left without power.

Texas miners are said to have voluntarily shut down operations to restore power to the grid so residents can heat their homes. Texas is known to be a very popular place for miners.

As a result, the hash rate increased from 300 to 225 exahash/sec, and later even to 170 EH/sec. Meanwhile, computing power has returned to 240 EH/s, according to data from Coinwarz and CryptoQuant.

Please note: this is a fairly wide range. You can’t give a single number in terms of computing power. It’s different every second and there isn’t an exact dashboard that provides this centrally controlled data. Computing power is therefore often calculated with averages over a certain period.

It is remarkable to see the significant impact on the network in such a short time. A large portion of the miners are in Texas. If the hashrate were (more) evenly distributed around the world, a snowstorm would have less impact.

According to the Cambridge Bitcoin Electricity Consumption Index, the United States accounts for 38% of total computing power. Besides Texas, New York, Kentucky and Georgia also experienced power outages.

Additionally, there are also miners that need the money, like Core Scientific, Compute North, Argo, and Riot. There may well be a mess there as well, which has an effect on computing power.

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