How Has the Bitcoin Hash Rate Been Affected by the US Winter?
As severe weather left more than a million people without power on Friday, many Bitcoin miners in the US stopped working.
Bitcoin’s hash rate fell by about 38% heading into the holiday weekend as miners in the US halted work during extreme weather conditions. What meteorologists call a “bomb cyclone,” which brought tornado-like conditions to some areas, left many people in Maine and New York City without power, according to data from PowerOutage.us said. As of Friday, December 23, there are more than one million businesses and homes unable to operate. It also had a big impact on the miners, who rushed to shut down their machines.
According to data from Glassnode, the network’s hash rate fell to 156.36 EH/s on December 24 from 252.98 EH/s on December 21, the biggest daily drop since early June. Hash rate measures the total amount of computing power used to mine and process transactions on a blockchain network. The higher the hash rate, the more secure the network is.
Bitcoin miners slow down their operations – US
Extreme weather reached as far south as the Rio Grande near the border with Mexico, where mining company Riot Blockchain closed its Rockdale, Texas office on Thursday “to ensure the safety of our members.”
Core Scientific, another major Bitcoin mining company, which filed for Chapter 11 bankruptcy last week, decided to temporarily scale back operations on Friday.
“Due to the extreme cold that is sweeping the eastern and southern parts of the United States, we will be participating in several shutdowns to help keep the power grid stable. BTC production is expected to decline during this period,” the company said on Twitter.