Bitcoin Hashrate Plunges as Texas Miners Forced Offline by Ice Storm

Bitcoin network hashrate, which can also be considered as computing horsepower, has tanked since its October peak. When it drops sharply, it means miners are reducing their activity by voluntarily shutting down machines.

“That’s exactly what we’re seeing today,” observed CryptoQuant analyst ‘Darkfost,’ who said that the hashrate has fallen from 1.133 ZH/s to 690 EH/s in just two days.