The hash rate on the Bitcoin (BTC) network has suffered a severe drop due to bad weather conditions that hindered mining activities.
The hash rate of the Bitcoin network has increased since last Friday 34% rate decreased. The biggest reason for this decline is From bad weather in Texas because ERCOT (Electric Reliability Council of Texas) in mining facilities restricting electricity use happened.
The Texas region of the USA has been struggling with serious cold weather in the last week,Directing electricity resources to vital works first and resulted in more specific demands such as Bitcoin mining being put on the back burner.
ERCOT, published last Friday weather reports He made the following statement, giving justification:
Operating reserves are expected to be reduced tomorrow morning due to ongoing freezing temperatures, record-breaking demand and unseasonably low winds. ERCOT is asking businesses and residents in Texas to be economical about their electricity use.
MiningPoolStats And From Blockchain.com data received, global hashrate data since Friday 34% retreating from 629 EH/s lowest to 414 EH/s fell.
Data from one of the largest mining pool operators in terms of hashrate Foundry USA Pool last friday from 155 EH/s on January 17 Up to 77 EH/s It revealed that the hash was experiencing a decrease. Texas-based Foundry USA Pool was blamed for half of the hash decline.
One of the largest mining companies of Marathon Vice President of Corporate Communications Charlie SchumacherHe said the following about what happened:
Many Bitcoin miners in Texas, including Marathon, have restricted their operations over the past few days to support the Texas grid and the state’s citizens during the current cold snap. Bitcoin miners are, among other things, a technology solution for the energy sector. In Texas, they serve as baseload, which can be dimmed in minutes to free up energy for others in a crisis. That’s exactly what we’ve seen over the past few days.
Bitcoin network hash rate, computing power that ensures the security and stability of the network Represent. It is the sum of the computing power used by all miners on the Bitcoin network to verify blocks and process transactions.
Recently, Bitcoin (BTC) miners took advantage of the rise in price. $455 million worth about 10 thousand 600 BTC had disposed of it.