Bitcoin hash rate down 27% due to miner shutdown in Texas

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The network hashrate of the first cryptocurrency decreased by 27% to 159.41 Eh/s – this is the minimum figure since February of this year.

The reasons for the significant drop in hashrate were:miners shutting down in Texas due to increased electricity consumption due to record heat. The shutdown was requested by the Electric Power Council of Texas, and officials urged homeowners and business executives to try to reduce energy consumption during peak hours.

Following the fall in hashrate, themining difficulty. However, the figure is now 29.15 trillion hashes, which is 3.7% less than the previous difficulty. This helped reduce the number of unconfirmed transactions in the Bitcoin mempool. Now the figure ranges from 500 to 3,000 transactions, while the day before it exceeded 40,000 transactions. The average transaction fee on the Bitcoin network is around $18.

As previously reported, mining giants such as Riot Blockchain Inc., Argo Blockchain Plc and Core Scientific Inc. announced the suspension of work.