The Block23 minutes ago

Published on January 17, 2024 16:30 GMT+00:00edited on January 17, 2024 16:34 GMT+00:00

Bitcoin's network hashrate declined by approximately 25% over the past few days amid curtailment requests from the Texas grid regulator following a recent cold snap, with the U.S. state now established as a global hub for the industry.

Data from MiningPoolStats and Blockchain.com show global hashrate estimates fell from around 600 EH/s on Friday to 450 EH/s by Tuesday, coinciding with a weather warning for Jan. 14 to 17 issued by ERCOT due to extreme cold weather across the region. ERCOT, the Electric Reliability Council of Texas, operates as the grid regulator for most of the state.

ERCOT’s warning was followed by official conservation appeals on Sunday, Monday and Tuesday. "Operating reserves are expected to be low tomorrow morning due to continued freezing temperatures, …