“Extreme Weather Causes Bitcoin Hash Rate to Plunge 38%, Despite Price Staying Steady”

1: bitcoin miners in the united states were forced to shut down operations due to extreme weather over the holiday weekend. this resulted in a 38% drop in bitcoin’s hash rate, which measures the total computational power used to mine and process transactions on a blockchain network. the extreme weather stretched from the rio grande along the border with mexico to the north.

2: on thursday, december 23, riot blockchain closed down its rockdale facility in texas in order to ensure the safety of its team members. core scientific also moved to temporarily curtail its operations on friday due to the extreme cold weather. as of friday, there were more than one million businesses and homes without power due to the “bomb cyclone” that stirred up blizzard-like conditions in some places.

3: data from glassnode and intotheblock shows that bitcoin’s hash rate dropped to 156.36 eh/s on december 24 and recovered to 249.02 eh/s by sunday evening. this plunge had hardly any impact on the price of the leading cryptocurrency, which is currently trading at $16,839. btc production is expected to decrease during this time due to power curtailments, as core scientific filed for chapter 11 bankruptcy last week.


By Evey Lovelace

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