Bitcoin network hashrate collapsed by 30% amid US snowstorm

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The average hashrate of the Bitcoin network has fallenat 30% - from 230 Eh/s to 155 Eh/s. This significant drop in the indicator is due to the ongoing bad weather in the United States, due to which many miners turned off their equipment.

The USA remains the leader in terms of contribution to the network hashratefirst cryptocurrency - on average, American miners generate 37% of the Bitcoin network hashrate. However, a snow storm caused widespread power outages, so many mining farms were shut down. Bad weather led to the death of at least 22 people.

About the shutdown of capacity in the Texas data centerin Rockdale, the major mining company Riot Blockchain reported. Core Scientific, which is in the process of bankruptcy, also announced a reduction in mining due to the load on electrical networks.

“Be prepared for disconnections and connectionsequipment due to bad weather. By turning off your miner, someone will be able to heat their home and cook food,” said Neil Galloway, director of mining operations at Compass Mining.

At the beginning of the month, a significant decrease in mining difficulty and hashrate was reported - companies are turning off old equipment due to lack of profit.