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BEARISH 📉 : US Winter Storm Temporarily Cuts Bitcoin Mining Capacity by 40%
A recent winter storm in the US resulted in a temporary reduction of Bitcoin mining activity, impacting the network's hashrate.
- The storm caused power outages and extreme weather conditions, leading many mining operators to pause or slow their operations to reduce strain on local grids.
- Approximately 40% of global mining capacity went offline for 24 hours, according to Abundant Mines.
- Bitcoin's hashrate dropped below 700 EH/s, reaching a low of around 663 EH/s before rebounding to about 854 EH/s as conditions improved.
- The US contributes nearly 38% of the world's mining power, making domestic disruptions noticeable globally.
- Bitcoin's price fluctuated amidst these events, trading around $88,300 with swings influenced by both the weather and geopolitical tensions.
Major miners like Marathon Digital and IREN saw significant reductions in daily production due to the storm. Some miners collaborated with grid managers to stabilize electricity demand during peak times.
Despite the short-term impact on miner revenue, the market did not experience a significant crash in value.
