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Bitcoin’s network hashrate has returned to normal levels again after several days of sub-zero temperatures across the United States straining the country’s power grid, causing a temporary drop in hashrate.
In the days leading up to Christmas, spine-chilling temperatures swept across the United States, powering out millions and claiming at least 28 lives.
Bitcoin miners in Texas, which account for a significant portion of the country’s hashrate, have voluntarily scaled back operations to bring power back to the grid so residents can heat their homes, according to reports.
The turmoil seems to have caused Bitcoin’s hashrate to drop. It typically hovers around 225-300 exahashes per second (EH/s). This dropped to 170.60 EH/s on December 25th.
However, as of December 26th, the hashrate has returned to 241.29 EH/s. according to Hashrate mining calculator with data from CoinWarz.
Bitcoin hashrate is calculated by measuring the number of hashes generated by Bitcoin miners trying to solve the next block. is considered. It is an important metric when evaluating the security of the Bitcoin network.
Recent events have caused controversy statement FutureBit founder John Stefanop suggested that the drop in hashrate was due to the simultaneous shutdown of a number of highly centralized mines in Texas.
The fact remains that some large mines in Texas have a 33% impact on the entire network…all transactions are now at 30% because the hashrate is not decentralized enough. It’s been confirmed late,” he said.
If hashrate had been evenly distributed around the world by tens of millions of small miners instead of dozens of large mines, this event would not have even registered on the network. added Stefanop.
However, Bitcoin bull Dan Held refuted Stephanop’s take on the event. claiming Weather patterns do not imply centralized ownership or management.
according to The United States accounts for 37.84% of the average monthly hashrate share, according to Cambridge’s Bitcoin Power Consumption Index. Her four states, New York, Kentucky, Georgia and Texas, are the hottest bitcoin mining states in the US, all of which suffered power outages during winter storms.
However, Dennis Porter, CEO of the Bitcoin mining advocacy group Satoshi Action Fund, wrote to his 127,400 Twitter followers on Dec. 25 that bad weather conditions, especially in Texas, caused a drop in the hashrate of Bitcoin in the United States. While 30% went offline, the network “continues to be fully functional.”
30% or more #bitcoin Hashrate was taken offline due to extreme weather in Texas, but globally #bitcoin Your network will continue to work perfectly.
Imagine if Amazon or Google tried to shut down a third of their data centers. pic.twitter.com/G49iqBZXDL
Dennis Porter (@Dennis_Porter_) December 25, 2022
Cheap electricity and favorable mining regulations in Texas have sparked a bitcoin mining boom in Texas in recent months, now hosting some of the world’s largest mining companies.
Among Riot Blockchain, Argo, Bitdeer, Argo, Compute North, Genesis Digital Assets, Core Scientific, I recently received a $37.4 million bankruptcy loan to help me survive.
Related: ‘Much less land to turn’ why White Rock established off-grid mining in Texas
But recent weather events have only added to the list of headaches for Bitcoin mining companies.
The bear market is plagued Bitcoin mining companies have $4 billion in debt. according to recent data.
Many prominent U.S.-based mining companies I filed for bankruptcy in the last few months. Many other companies have nearly insurmountable debt-to-equity ratios and are in need of immediate restructuring.
Tragic weather events have not affected Bitcoin price (Bitcoin) So far, the current price is $16,826, down only 0.27 in the last 24 hours.
