The hashrate of the Bitcoin network was momentarily impacted from Friday to Sunday by a winter storm that struck a significant portion of the United States.
It dropped to its lowest point in a span of seven months. As of today, many mining facilities are located near renewable energy sources, and miners are often asked to reduce power use during extreme weather.
According to CoinWarz data, Bitcoin’s hashrate fell to around 663 exahashes per second. This was a drop of over 40% in just two days. The network has since begun to rebound and has risen above 850 EH/s.
Notably, the United States is a significant player in the global mining of Bitcoin. It makes up about 38% of the total hashrate.
According to industry observers, this event highlights how Bitcoin mining can support grid stability. Miners quickly shut down during emergencies. Thus, they help free up electricity for households and critical services when it is needed most.
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