Monday, December 26, 2022

Bitcoin Hashrate Drops Nearly 40%: What You Need to Know

The Bitcoin network hashrate has been sent reeling after a deadly winter storm swept across the U.S., forcing miners to shut down their facilities.

The Bitcoin network hashrate, which is the level of computing power used for mining and processing transactions, dropped by more than 38.8 percent from Wednesday's peak of 253.88 exahashes per second to 155.28 exahashes on Saturday, according to data from IntoTheBlock.

Core Scientific, one of the country's largest Bitcoin miners, tweeted on Saturday that it would be "participating in multiple power curtailments to help stabilize the electrical grid" and that Bitcoin production was expected to slow down. Riot Blockchain, another major miner, also announced that its facility in Texas was closing due to the weather conditions.