The computing power of the entire Bitcoin network dropped by about 25% due to the cold wave power cuts in Texas, USA

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Cointime2024/01/18 00:53

By:Cointime

The Bitcoin network's computing power has dropped by about 25% in the past few days after power grid regulators in the U.S. state of Texas issued power curtailment requirements after the recent cold snap. The U.S. state of Texas is the global center of the Bitcoin mining industry.

According to data from MiningPoolStats and Blockchain.com, global hashrate estimates fell from about 600 EH/s last Friday to 450 EH/s on Tuesday, which coincides with the Electric Reliability Council of Texas (ERCOT) due to extreme extreme conditions in the region. The cold weather coincides with a weather warning issued from January 14 to 17. ERCOT is the grid regulator for much of the state.

Following ERCOT's warning, officials issued calls to conserve electricity on Sunday, Monday and Tuesday. ERCOT said: "Operating reserves are expected to be lower tomorrow morning due to continued cold temperatures, record-breaking demand and unseasonably low winds. We ask Texas businesses and residents to conserve power when it is safe to do so." Yesterday's latest Browning requests end at 9 a.m. Central Time. (The Block)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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