Posted 1/17/2024, 11:11:14 PM
Texas Cold Snap Slows Bitcoin Miners, Cutting Network's Computing Power by 25% Ahead of Major Halving Event
- Bitcoin's hash rate has dropped 25% since Sunday, from 570 EH/s to a low of 425 EH/s on Tuesday, due to Texas miners curtailing power amid cold weather
- Texas is a major Bitcoin mining hub due to cheap electricity
- Hash rate refers to the computing power used by miners and is important for network security
- The upcoming Bitcoin "halving" in April will cut mining rewards from 6.25 BTC to 3.125 BTC per block
- Historically, the halving has preceded a Bitcoin bull run, but analysts disagree on the market impact