Bitcoin mining hash rate plummets amid US winter storm

On Dec 25, 2022

Today, the bitcoin mining hash rate has significantly dropped from 230 EH/s to 156 EH/s. The current winter storm has presented a distinct set of difficulties for US bitcoin miners.

Winter storm distracts BTC mining

According to recent reports, the ongoing US winter storm has caused a severe distraction to bitcoin miners as power supply fluctuations continue countrywide. The bitcoin channel’s hash rate decreased from 230 EH/s to 156 EH/s. Many of the miners decided to shut down their operations.

According to https://t.co/1YRYr58LB6, due to the spread of the blizzard in the U.S., many miners shut down, the Bitcoin network hashrate has dropped by nearly 35% in the last day, showing only 156 EH/s. The average hashrate over the past 14d is 237 EH/s. https://t.co/nQejClV6uq
— Wu Blockchain (@WuBlockchain) December 25, 2022

As per CoinMetrics data, the hash rate has slipped by more than 30% since Saturday, falling from 230 EH/s to 155 EH/s. Many large miners halted processes after the National Weather Service warned about the anticipated Arctic blast.

As per CNN, thousands of households and companies across the country have been without power over the festive period due to an Arctic blast and snowstorm that destroyed electric lines with strong gusts of wind and snow while hazardously lowering temperatures. At least 22 people were killed as a result of the storm.

Riot Blockchain announces shutting Rockdale facility

The mining company Riot Blockchain announced it was shutting its Rockdale facility in Texas due to severe meteorological conditions, which caused a significant upheaval in the bitcoin network. Other miners took similar actions. To assist in strengthening the electricity infrastructure, Core Scientific, which recently sought bankruptcy protection, revealed that it would take part in several energy restrictions and regulations. Throughout this time, Core Scientific predicted a decline in bitcoin manufacturing on Twitter.

Due to extreme cold weather sweeping across the eastern and southern half of the US, we will be participating in multiple power curtailments to help stabilize the electrical grid. BTC production is expected to decrease during this time.
Wrap up and keep warm everyone. 🥶 pic.twitter.com/WGRgXp5tDB
— Core Scientific (@Core_Scientific) December 23, 2022

Neil Galloway, director of mining operations at Compass Mining, said:

“Please be prepared for some ups and downs this weekend as we deal with the winter storm. Because your miner is offline, people can heat their homes and cook.”
Neil Galloway, director of mining operations at Compass Mining

The weather phenomenon has generated a unique set of difficulties for bitcoin miners in the United States as they rely on reliable energy to conduct operations. Protracted power failures have severe consequences for their capacity to participate in mining activities. The Cambridge Centre for Alternative Finance reported that the United States is responsible for at least 37% of bitcoin’s global hash rate.

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