As of January 13, the hashrate of Bitcoin reached 670 EH/s, but it has now plummeted to 402 EH/s. This decline is primarily a result of mining equipment being shut down in Texas, where freezing temperatures have led to increased energy utilization for heating purposes, prompting miners to power off their devices. The Energy Stability Council of Texas (ERCOT) has issued guidelines in response to the situation, and miners are being compensated for their losses.
“Several Bitcoin miners in Texas, including Marathon, have recently halted their operations in support of the state’s energy grid and citizens due to the cold weather. Miners, aside from their primary function, also serve as a technological solution for energy workers. They can rapidly reduce their load to free up capacity for other consumers when needed. This is exactly what we are witnessing,” explained Marathon’s Vice President of Corporate Communications, Charlie Schumacher.
It is worth mentioning that towards the end of 2022, Bitcoin’s hashrate also decreased by more than a third due to a snowstorm that hit the United States.