A significant drop in the hashrate of the leading cryptocurrency was the result of extremely cold weather in Texas, where a significant number of bitcoin miners are concentrated.
On January 11, 2023, the hashrate reached 629 EH/s, but just four days later it plummeted to 415 EH/s, according to YCharts.
As of now, the hashrate remains stable at 440 EH/s.
It is important to note that BTC.com reports bitcoin hashrate at 504 EH/s. #Mining difficulty is currently maintained at 73.2T. Additionally, according to Blockchain.com's data for January 17, 2024, the hashrate is 519.8 EH/s.
The significant decrease in hashrate can be attributed to the abnormally cold weather in Texas that the media wrote about. Since January 14, 2023, the region has been experiencing a sharp drop in temperature. To reduce the load on the state's power grid, many bitcoin miners have temporarily suspended their operations.
According to Foundry USA, Texas accounts for 29% of the total hashrate in the #US. Following #China's ban on cryptocurrency mining, many bitcoin miners have moved their capacity to the region. Among them are #Marathon Digital, #Riot Platforms, #Bitdeer and other companies.
Supporting the state's power grid is a common practice among miners in the region. The Electric Reliability Council of Texas (ERCOT), which includes several bitcoin mining companies, was created to balance the load on the power grid during periods of high public demand.
"Marathon, along with other bitcoin miners, has curtailed its operations to support the Texas electric grid and the state's residents who are struggling due to cold temperatures. This is exactly how the system should operate",said Charlie Schumacher, vice president of corporate communications for Marathon Digital.
It's worth noting that #bitcoin outflows among miners reached the highest level since August 2017.
