Logout – While the price of Bitcoin has already been robbed of a Christmas rally, it’s the BTC network’s hash rate’s turn to plunge with temperatures in the United States. The freezing arctic blast has forced BTC miners to unplug their machines.
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The National Weather Service called it ” historical “. An impressive winter storm hit North America over the Christmas weekend. Some cities in the United States have seen significant snowfall. The thermometer showed down to -48° Celsius in places.
Freezing gusts ripped out power lines, and severe weather would have knocked out power to nearly 1.5 million Americans. The bitcoin miners established in the United States are on the list of victims of this polar cold, which is falling on the country, freezing the hashrate of the BTC network in the process. This same hashrate that ended up slipping on ice…
According to data from CoinMetricsthe average hash rate of the blockchain has dropped by more than 30%, from 230 PE/s to 155 PE/s since Saturday. The miners have decided to suspend their activities due to such extreme weather conditions.
Riot Blockchain announced the closure of its Rockdale site in Texas. In his tweet of December 23, Core Scientific indicated that he ” would participate in multiple energy reductions to help stabilize the power grid “. Compass Mining also unplugged its sites in Texas, in the face of this arctic blast that swept the country.
Bad weather thus adds to the other factors that make Bitcoin mining swim in the middle of a nightmare. The year 2022 has not been kind to the oldest cryptocurrency. Bitcoin price remains frozen below $17,000 heading into the end of the year, as its hashrate drops 30% as the mercury dips in North America.
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