According to BTC.com, many miners stopped their activities due to the spread of the snowstorm in the USA, bitcoin The network hashrate has dropped about 35% in the last 24 days to just 156 EH/s. The average hashrate over the last 14 days was 237 EH/s.
Many Bitcoin Miners Had to Shut Down Their Devices Due to Extreme Weather Conditions in the USA
More than 315,000 homes and businesses across the U.S. were left without power on Christmas Eve due to an arctic wind and blizzard that shattered power lines with devastating winds and heavy snow and dangerously dropped temperatures, killing at least 22 people.
Bitcoin maximalist Dennis Porter noted on Twitter that the network is working perfectly despite the BTC mining hashrate falling by more than 30%:
“Over 30% of the Bitcoin hashrate is down due to extreme weather conditions in Texas, but still the global Bitcoin network continues to work perfectly.
Now imagine Amazon or Google shutting down 1/3 of their data centers.”
Over 30% of the #Bitcoin hashrate has gone offline due to extreme weather in Texas and yet the global #Bitcoin network continues to work perfectly.
Now imagine if Amazon or Google tried turning off 1/3rd of their data centers. pic.twitter.com/G49iqBZXDL
— Dennis Porter (@Dennis_Porter_) December 25, 2022
However, Porter later apologized in his corrective Tweet for giving the impression that one-third of BTC mining is located in Texas, and said he was actually talking about the hash rate across the entire US.
However, some critics have said that a significant portion of the Bitcoin mining hash rate is in the USA, and therefore they have a centralization concern.
*Not investment advice.
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