In the challenging world of Bitcoin mining, a winter storm in the US could shake the entire global network. Recently, Bitcoin's hashrate dropped sharply by 12% since November, reaching its lowest level since 2021, primarily due to severe weather forcing miners to pause operations.
This decline stems from large mining companies in the US having to shut down to save energy, supporting the local power grid during the snowstorm. This not only slows down block production but also affects miners' revenues, as Bitcoin's price is fluctuating.
In some cases, miners even profit from selling excess electricity, but overall, it clearly shows the industry's dependence on stable energy sources. The hashrate has somewhat recovered to around 854 EH/s, but this incident serves as a reminder of the risks from external factors like weather.
I realize that mining is not just a technology game but also closely related to the environment and real-world infrastructure, making the crypto industry more susceptible to influences than I thought.
Have you ever considered unexpected factors like weather when tracking Bitcoin?
$BTC