Bitcoin hashrate drops nearly 40% as deadly U.S. storm unplugs miners

The Bitcoin network hashrate has dropped by more than 38.8% from its peak on Wednesday, as many U.S.-based miners have been forced to switch down their facilities due to deadly blizzards.

See related article: British Columbia suspends new electricity connections for crypto miners

Fast facts

• Bitcoin hashrate, the level of computing power used for mining and processing transactions, came in at 155.28 exahashes per second on Saturday, down from 253.88 exahashes on Wednesday, according to data from IntoTheBlock.

• A winter storm has claimed at least 32 lives across the U.S., as of Monday morning in Hong Kong, according to media reports.

• Core Scientific, a major Bitcoin miner that filed for Chapter 11 bankruptcy protection last week, tweeted on Saturday that it would be “participating in multiple power curtailments to help stabilize the electrical grid” and that Bitcoin production was expected to slow down.

• Bitcoin miner Riot Blockchain tweeted on Thursday that it was closing down its facility “due to the extreme weather condition in Texas.”

See related article: Bitcoin mining difficulty rises 3.27% in latest adjustment