Bitcoin Back at Full Speed After Winter Storm Sparks Hashrate Chaos

Trending 9 months ago

Bitcoin hashrate recovered astatine afloat velocity aft a 35% drop, portion the miners are successful heavy h2o with implicit $4 cardinal successful liabilities.

During the weekend, American Bitcoin miners had to unopen down their operations owed to a winter storm that killed astatine slightest 34 people. The rigs were shut down owed to predominant powerfulness outages that besides caused implicit 1.4 cardinal houses to unrecorded successful the dark, with Christmas astir the corner.

Bitcoin Hashrate Recovers astatine Full Speed

After the crisp dip successful Bitcoin hashrate from 232 EH/s to a bottommost of 156 EH/s connected Saturday, the Bitcoin hashrate has been recovering astatine afloat speed. It present stands astatine astir 247 EH/s.

Bitcoin Hashrate recoveredSource: CryptoQuant

According to Investopedia, the Hash complaint measures the computational powerfulness successful a proof-of-work (PoW) cryptocurrency network. The hash complaint is utilized to find the health, security, and mining trouble of a blockchain network.

Miners Saved Texas’ Grid?

While immoderate miners had to crook disconnected their rigs owed to powerfulness outages, the miners successful Texas voluntarily turned disconnected their setup successful collaboration with the state. 

#Bitcoin miners helped unafraid the Texas grid ⚡️

Building infrastructure and purchasing vigor erstwhile request for energy was low, and past #bitcoin miners turned disconnected erstwhile request was precocious and radical needed that other power—balancing the vigor grid!

— Documenting Bitcoin 📄 (@DocumentingBTC) December 26, 2022

Also, earlier successful February, miners willingly chose to powerfulness down their operations to assistance the authorities conserve energy. Dennis Porter, the CEO and Co-founder of the Satoshi Action Fund claims that Bitcoin miners are good for the grid.

Bitcoin’s Decentralization astatine Question

Bitcoin hashrate is 1 of the astir important measures of the network’s security. A 35% hashrate drop, adjacent for a abbreviated period, compromises the information of the Bitcoin network. 

With this hashrate dip, the assemblage feels it is wrong if atrocious upwind connected a tiny territory shuts down astir fractional of the network. 

Meanwhile, Bitcoin miners combat their ain battles with full liabilities of implicit $4 billion. One of the largest mining companies, Core Scientific, filed for bankruptcy this twelvemonth having implicit $1.3 cardinal successful liabilities. 

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