Hashrate for bitcoin drops as Texas-based miners stop working

July 13, 2022

12 Bitcoin Shorting Defi Daily

Hashrate for bitcoin drops as Texas-based miners stop working. Bitcoin (BTC) hash fell to 159.41-second exahashes (EH / s) on July 13, a five-month low, as Texas miners were forced to go offline. According to BTC.com, the 27% drop in hashrate is the largest since February 2022. The Bitcoin hashrate, which represents the computing power of the network, fluctuated between highs and lows as the price of Bitcoin fell below $ 20,000.One month ago, on June 8, the hashish was 292 EH / s. But it fell to 178.44 EH / s on July 9th and again to 241.07 EH / s on July 11th. Now that number is 168.2 EH / s. The decline in hash rate has also affected the difficulty of mining bitcoins. Over the past 30 days, it has declined by 3.7%. Miners in Texas have suspended their work due to unprecedented heat in the state. Global warming typically greatly increases energy use in the state, and officials expect it to overpower the power grid. The Texas Electrical Reliability Council (ERCOT) urges state officials to retain the power to prevent blackouts.

Most of the industrial cryptocurrencies in the state have heeded the requirement by suspending operations. Texas last experienced a nationwide blackout in 2021 due to winter storms that killed hundreds of people. According to Lee Bratcher, president of the Texas Blockchain Association, 1,000 megawatts of mining have already closed. Braker said: This is almost the full load of industrial bitcoin mining in Texas and allows more than 1% of the total network capacity to be returned to retail and commercial use. In recent years, Texas has become one of the best states for cryptocurrency mining in the United States thanks to liberal laws for the industry. With New York likely to ban crypto mining companies from using fossil fuels, many crypto miners are moving to the state, and Texas seems to be one of their main destinations. But large-scale crypto mining means energy consumption in Texas has reached record levels. Bloomberg reported that the company broke its record of electricity consumption twice this month, first with 77,460 megawatts on July 5 and 78,206 megawatts on July 8.

Read more: Bearish attitudes start to “cool off” as Ethereum achieves further weekly inflows.

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