Bitcoin Hashrate Falls About 40% as Fatal US Storm Cuts Off miners
The Bitcoin network hashrate has decreased by over 38.8 percent from its all-time high on Wednesday, as several miners in the United States were forced to suspend their operations due to devastating winter storms.
Saturday’s Bitcoin hashrate, the amount of computer power utilized for mining and processing activities, decreased from Wednesday’s average of 253.88 exahashes per second to 155.28 exahashes per second, as per statistics from IntoTheBlock.
As per media estimates, a winter storm has resulted in the loss of a minimum of 32 lives in the United States as of Monday morning in Hong Kong.
Core Scientific, a prominent Bitcoin miner that sought Chapter 11 bankruptcy security in the past week, tweeted a day before Christmas that it would “participate in various power disruptions to assist stabilise the electricity infrastructure” and that Bitcoin output was anticipated to decrease.
Riot Blockchain tweeted last Thursday that its Bitcoin mining operation was shutting “due to the adverse weather conditions in Texas.”