The Bitcoin (BTC) hash rate experienced a significant drop of 34% as a result of a sudden freeze in Texas, causing some miners to scale back their operations due to the strain on the state’s energy grid.
The development comes at a crucial time, with the anticipated halving event, where the number of generated BTC rewards per block is reduced by 50%, drawing closer.
Texas Freezes Over, Bitcoin Miners Shut Down
Starting on January 14, temperatures in various parts of Texas plummeted below freezing, marking one of the first severe cold spells since a massive ice storm in February 2023.
Data from YCharts revealed that the total Bitcoin network hash rate declined from over 629 exahashes per second (EH/s) on January 11 to approximately 415 EH/s on January 15, representing a 34% decrease.
The development comes at a crucial time, with the anticipated halving event, where the number of generated BTC rewards per block is reduced by 50%, drawing closer.
Texas Freezes Over, Bitcoin Miners Shut Down
Starting on January 14, temperatures in various parts of Texas plummeted below freezing, marking one of the first severe cold spells since a massive ice storm in February 2023.
Data from YCharts revealed that the total Bitcoin network hash rate declined from over 629 exahashes per second (EH/s) on January 11 to approximately 415 EH/s on January 15, representing a 34% decrease.