Since Wednesday, when it peaked, the hash rate of the Bitcoin network has decreased by more than 38.8% as a result of many American miners being forced to shut down their operations because of devastating blizzards.
According to data from IntoTheBlock, the Bitcoin hash rate, the amount of computer power used for mining and processing transactions, decreased to 155.28 exahashes per second on Saturday from 253.88 exahashes on Wednesday.
At least 32 people have died as a result of the winter storm, according to media sources as of Monday morning in Hong Kong.
Core Scientific, a significant Bitcoin miner that last week filed for Chapter 11 bankruptcy relief, tweeted on Saturday that it would be “participating in different power curtailments to help stabilise the electrical grid” and that it expected a reduction in Bitcoin production.
On Thursday, the bitcoin miner Riot Blockchain announced that it was closing down because of the “severe weather conditions in Texas.”