Cryptocurrency

Bitcoin hashrate plummets as Texas-based miners suspend operations

The hash rate of Bitcoin (BTC) dropped to 159.41 exahashes per second (EH / s) on July 13. This was the worst in five months as Texas-based miners were forced to go offline.

According to the data from BTC.comThe 27% drop in hash rate is the largest since February 2022.

The Bitcoin hash rate, which represents the computing power of a network, has alternated between highs and lows since the BTC price fell below $ 20,000.

June 8th, more than a month ago, Hash rate It was as high as 292 EH / s. However, after dropping to 178.44 EH / s on July 9, it rose again to 241.07 EH / s by July 11. This number is currently 168.2 EH / s.

The decrease in hash rate also affects the difficulty of mining Bitcoin.It has drop It has increased by 3.7% in the last 30 days.

Texas-based miners are offline

Texas-based miners have shut down due to record heat waves in the state.

Heat waves usually significantly increase energy consumption in the state, and authorities expect the power grid to push beyond its capacity.

The Texas Electric Reliability Council (ERCOT) has requested state authorities to save power to prevent power outages.

Most industrial crypto miners in the state are paying attention to their demands by suspending operations. The last state-wide power outage in Texas occurred in 2021 due to a winter storm, killing hundreds of people.

according to For Lee Bracher, Chairman of the Texas Blockchain Association, mining loads in excess of 1000 MW have already shut down.

Blatcher Said:

It represents the Bitcoin mining load of almost every industry in Texas, and can push more than 1% of total grid capacity back into the grid for retail and commercial use.

Texas has become one of the major states of cryptocurrency mining in the United States due to the free regulation of the industry in recent years.

Some crypto miners in the state have already moved, and Texas is one of their preferred destinations, as New York is likely to ban crypto miners from using fossil fuels. There seems to be.

However, large-scale cryptocurrency mining also means that Texas’ energy usage has reached new highs. Bloomberg report The state broke power usage records twice this month at 77,460 MW on July 5 and 78,206 MW on July 8.

Related Articles

Back to top button