USA’s winter storms have obstructed the work of Bitcoin miners. It has significantly dropped the BTC hashrate. Let’s take a sneak peek analysis of the situation.
You must know that the winter storms in the States claimed 22 lives. A day ago, 1 million+ individual suffered a power cut. Besides, the USA has the most BTC mining, and miners suffered a lot. Consequently, the Storms had a significant impact on Bitcoin as well.
The hashrate, or the measure of how much computing power is required for Bitcoin processing. However, the miners had to halt their operations, so the bitcoin production had massively dropped. CoinMetrics data suggests that the hashrate now stands at 155 EH/s, whereas it was 230 EH/s. Previously, the BTC hashrate was the lowest in December 2020 during COVID-19, which was 104.31 EH/s. It would be worth noticing how Bitcoin miners would tackle the challenges that come their way.
Moreover, the hashrate of a cryptocurrency determines its credibility. A decreasing value is a challenge for this legendary crypto. Besides, figures suggest that 37% of Bitcoin mining occurs in the States. Amidst winter storms leading to power cuts is a big challenge for Bitcoin to retain its industrial excellence.
Additionally, it is noteworthy that such harsh weather conditions would also affect other cryptocurrencies. Even Core Scientific tweeted that Bitcoin production is vulnerable to decreasing further. Speculating his statements, you might expect the hashrate to drop more.
Unfortunately, miners depend on reliable electricity, and power outages don’t suggest something good. Further, Bitcoin is well-known for its hashrates soaring high. It would be interesting to note how BTC miners would deal with it! Mining firm Riot Blockchain closed its facility in Texas due to extreme weather conditions. Besides, Core Scientific is working on how to tackle the situation. What is your stake in this? If you are a crypto shark, then what do you think is BTC as of now?
Also check: Brazil Legalizes Cryptocurrency