23 February, 2024

Bitcoin Hash Rate Dropped By Nearly 40% As 2022 Comes to an End

1 year ago

28 Nov, 2023

The hashrate for Bitcoin saw a significant decrease of nearly 40% in only one day as a direct result of a severe winter storm that hit the United States. As per a report from CNN, the storm has caused the deaths of at least 22 people, as well as the destruction of power lines, which has left around 315,000 households and businesses without electricity on the eve of Christmas.

According to the report, Bitcoin miners in Texas, which accounts for a substantial amount of the country’s hash rate, had to voluntarily halt operations in order to give electricity back to the grid so that inhabitants could continue to keep their houses warm.

Bitcoin hash rate is determined by counting the number of hashes generated by Bitcoin miners as they work to solve the puzzle of the next block. It is widely considered to be an important measure to use when evaluating how safe the Bitcoin network is.

It would seem that the disturbances caused a dent in Bitcoin’s hash rate, which generally ranges from 225 to 300 Exahashes per Second (EH/s). On December 25 it had decreased to 170.60 EH/s. However, as of the time this article was written, the hash rate has increased to 220 EH/s, as shown by the statistics provided by the mining pool BTC.com.

Source: BTC.com

According to reports, Texas is in the midst of a significant cold snap, and Texans would want to avoid experiencing freezing blackouts similar to those that occurred in 2021. During the New Year’s Eve holiday weekend, the whole state will be affected by temperatures that are far below freezing.