Bitcoin hashrate plunges, with over a 25% drop from 530 Eh/s (7DMA) to 385 Eh/s.

This is primarily due to miners in Texas powering down to aid the power grid during frigid temperatures.

"Bitcoin hashrate has declined as much as 25% over the past three days as miner operators in Texas curtail power to strengthen the local grid amid a cold outbreak.

Notably, Foundry USA Pool has been the main source of the decline, witnessing its miner customers unplug as much as 75 EH/s of hashrate mainly due to curtailment activities in Texas.

After China’s crackdown on bitcoin mining in 2021, Texas has emerged as the new global hub of bitcoin mining. As of September, more than 28% of the hashrate connected to Foundry’s pool was in Texas."

Texas is home to roughly 13% of the global hashrate.

Sources:

https://theminermag.com/news/2024-01-16/bitcoin-hashrate-drop-texas-miner-curtail-grid/

https://miningpoolstats.stream/bitcoin

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