Bitcoin mining data platform Hashrate Index estimates the United States contributes the largest amount of the world’s mining power, with nearly 38% of the global hashrate.
Bitcoin network hashrate hit a seven-month low over the weekend as a massive winter storm bombarded the United States with snow and ice, pushing miners to curtail operations to stabilize the energy grid.
American weather forecasting company AccuWeather reported on Monday that the massive winter storm affected three dozen states over the weekend, with widespread snow, ice, and power outages affecting one million energy customers.
Data from mining data tool CoinWarz shows that Bitcoin’s (BTC) network hashrate began to drop on Friday, and by Sunday, it hit 663 exahashes per second (EH/s) — a more than 40% slump in hashrate across two days.
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