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Bitcoin Hashrate Drops as Texas Miners Reduce Hashpower to Strengthen Grid

  • Due to a harsh winter cold in Texas, bitcoin miners lowered their hashrate to 170 exahashes per second (EH/s) on December 25.

  • Statistics show that 100 exahash left the network but recovered by noon, rising from 170 EH/s to 240 EH/s (ET).

26-Dec-2022 By: Ashish Sarswat
Bitcoin Hashrate Dro

On December 25, the total hashrate of bitcoin reached a low of 170 exahashes per second (EH/s), as sources stated that Texas bitcoin miners had reduced their hashpower due to a severe winter cold.

According to statistics, around 100 exahash left the network but later recovered, going from a low of 170 EH/s to 240 EH/s by noon (ET).

Texas Bitcoin Miners Reduce Processing Power

The network's hashrate declined to 170 EH/s early the following day after peaking at 272 exahashes per second (EH/s) on December 24, 2022. The frigid weather in Texas has caused local bitcoin miners to voluntarily cease operations, according to a plethora of stories. Dennis Porter, a proponent of bitcoin, posted a screenshot of a notice from the Lancium bitcoin mining facility when it shut down its Ft. Stockton facility to increase grid power.

Porter stated that bitcoin miners in Texas have once again chosen to turn off their electricity during a severe weather event. "Miners of bitcoin are beneficial to the grid," Core Scientific, a bitcoin mining company, indicated that it was also taking part in operational reductions. We will take part in several power cuts to help maintain the electrical system because of the extremely cold weather that is spreading over the eastern and southern halves of the United States, the mining operation explained.

According to data from coinwarz, while about 100 exahashes fell offline, the hashrate resumed at roughly 12:00 (ET) to around 240 EH/s. In fact, Antpool's hashrate has eclipsed Foundry USA's for the first time in a long time. At the time of publication, Antpool controlled 29.92% of the entire network thanks to its 69 EH/s of computational power. With 45.51 EH/s, Foundry USA accounts for 19.68% of the world's hashrate. Foundry USA held about 70 EH/s and 31% of the world's hashrate on December 23 just two days ago.

According to reports, Texas is experiencing a severe cold snap, and residents do not want to endure chilly blackouts as they did in 2021. Throughout the long weekend, subzero temperatures will be experienced across the whole state. The Electric Reliability Council of Texas (ERCOT) grid in the state was holding up, according to reports on Friday, but more chilly winter testing are on the horizon.

As we deal with the winter storm this weekend, kindly be prepared for some ups and downs. Director of mining operations for Compass Mining Neil Galloway tweeted. Although we will be keeping an eye on things throughout the weekend, our hosting partners and technicians are working in challenging circumstances that could impede their efforts. Mining for bitcoin does this. Galloway continued, "People can heat their homes and cook because your miner is offline, hospitals can continue to care for patients, military bases can continue to watch over our borders, and you may be pleased to have played a crucial role in balancing your grid."