Bitcoin hashrate recovers after cold weather shut down miners
Days after freezing temperatures across the United States put a strain on the country’s electricity grid, causing a temporary drop in hash rate, the Bitcoin network hash rate has once more reached normal levels, as reported by Cointelegraph.
According to reports, Bitcoin miners in Texas, which contributes significantly to the hash rate of the nation, voluntarily reduced their output to return power to the grid so that locals could continue to heat their homes, Cointelegraph noted.
Cointelegraph further noted that Bitcoin’s hash rate, which typically ranges between 225 and 300 Exahashes per second (EH/s), appears to have been affected by the disruptions. On December 25, this decreased to 170.60 EH/s.
However, as of December 26, the hash rate was back to 241.29 EH/s, based on information from the hash rate mining calculator CoinWarz. The quantity of hashes generated by Bitcoin miners as they attempt to solve the following block is used to determine the currency’s hash rate, Cointelegraph further noted.
According to recent data, the bear market has caused $4 billion in debt for Bitcoin mining companies. In recent months, numerous well-known mining companies with headquarters in the United States have also declared bankruptcy, and many more businesses are on the verge of approaching debt-to-equity ratios that are almost unmanageable and necessitate immediate restructuring, Cointelegraph further informed.
Cointelegraph noted that the unfortunate weather-related incidents have not yet had an impact on the price of bitcoin, which is currently trading at $16,826 and has only decreased by 0.27 over the past 24 hours.
(With insights from Cointelegraph)