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The Bitcoin network’s hash rate fell to a seven-month low over the weekend as a powerful winter storm swept through the United States, forcing miners to cut back operations amid high demand for electricity and power outages.
Important points:
- A winter storm in the US caused the Bitcoin hash to fall to its lowest level in seven months, as miners reduced their operations to ease the pressure on the network.
- Grid capacity dropped by 40% before recovering slightly.
- Mining companies have reduced their operations to help stabilize power grids.
And according to AccuWeather website, The massive storm affected more than thirty US states, bringing snow, ice and freezing temperatures that left nearly a million customers without power.
The crisis has increased pressure on power grids, prompting some bitcoin miners to reduce their work to help stabilize the electricity supply.
Bitcoin’s hash rate fell by 40% over the weekend before recovering.
It displays data from CoinWarz mining analytics platform Bitcoin’s hash rate started to drop on Friday before falling sharply over the weekend.
By Sunday, the network’s computing power had dropped to about 663 exahashes per second (EH/s), representing a 40% drop in just two days.
The hash rate has been steadily increasing, rising to around 854 exahashes/s as of Monday.
The Oregon mining company, Abundant Mines, said the extent of the disruption was significant.
“Approximately 40% of the world’s Bitcoin mining capacity has been offline in the last 24 hours due to extreme cold weather,” the company said, adding that many workers voluntarily reduce production as the demand for energy rises.
The company described this solution as a design advantage for Bitcoin mining, noting that operations can be stopped quickly when the network is under pressure and restarted when things return to normal.
The United States is the largest Bitcoin mining sector in the world.
The statistics of the Hashrate Index show that the country supports about 38% of the total number of hash networks, while in 2024 the Energy Information Administration report identified at least 137 cryptocurrency mining offices around the world.
Industry advocates argue that mining companies play a critical role in grid stability by acting as consumers of energy.
Bitcoin workers help stabilize Texas’ power grid during winter
Mining operations can absorb large amounts of electricity generated by wind or solar power, and quickly turn it off when it’s most needed.
Response software related to bitcoin miners helped stabilize the power grid in Texas during the hurricane, Bitcoin ESG researcher Daniel Batten said on X.
The weather also affected the production of Bitcoin. Analyst Julio Moreno of CryptoQuant said daily production fell sharply at several major US mining companies.
According to a recent study by independent researcher Daniel Patten, Bitcoin mining can strengthen power grids and reduce the cost of electricity to consumers instead of disrupting power systems.
His research challenges the popular claims that mining disrupts grids or raises electricity prices, drawing on peer-reviewed studies and operational data to suggest that using renewable energy in these industries can provide tangible benefits.
A note Bitcoin’s hash rate fell to a seven-month low when mining was disrupted by a winter storm in the US. appeared for the first time Cryptonews Arabic.
