Bitcoin Hashrate Drops Over 39% as U.S. Ice Storm Disrupts BTC Mining

The Bitcoin hashrate has dropped sharply over the past two days, likely due to the severe ice storm in the U.S., which has temporarily reduced mining activity. 

Hashrate, a key measure of Bitcoin’s network security and participation, typically declines during periods of miner capitulation. However, this episode appears to be driven by external factors rather than economic pressure, with market participants weighing how this development could impact Bitcoin’s overall performance. 

Key Points 

• Bitcoin’s hashrate dropped sharply over two days, falling from about 1.133 ZH/s to 690 EH/s. 
• The decline is largely linked to a severe ice storm across the United States. 
• Texas, a major mining hub, has been among the hardest-hit regions. 
• Miners like CleanSpark, Iris Energy, and Riot were affected, with their daily production falling to 12 BTC, 6 BTC, and 3 BTC, respectively. 

Bitcoin Hashrate Plunges 39% in 2 Days 

Data from CryptoQuant shows that Bitcoin’s network hashrate fell from roughly 1.133 ZH/s to about 690 EH/s within 48 hours, representing a 39% drop. The decline coincides with extreme cold weather across the United States, which hosts nearly one-third of global Bitcoin mining capacity. 

Specifically, Texas, a major crypto mining hub and home to operators such as MARA, has been among the hardest hit. As a result, MARA’s daily Bitcoin production dropped from 45 to 7 BTC. 

Besides MARA, other leading miners such as CleanSpark, Iris Energy, and Riot Platforms were also impacted. Their daily Bitcoin production has dropped to 12 BTC, 6 BTC, and 3 BTC, respectively, according to data from CryptoQuant’s Head of Research, Julio Moreno. 

Notably, factors such as mounting grid strain, enforced load curtailments, and surging electricity prices pushed miners to shut down equipment and avoid operating at a loss.

Meanwhile, reduced mining activity could slow block times until the next difficulty adjustment, currently projected at approximately −4.54%, offering temporary relief once it is applied. 

What to Expect

As a result, the development has drawn attention from market participants assessing its impact on Bitcoin. In the short term, the network may experience slower block production followed by a downward difficulty adjustment.

If severe conditions persist, some miners could face cash flow pressure and be compelled to sell some of their mined BTC to cover operational costs. However, since the disruption is driven by weather, the hashrate decline is likely temporary, with mining activity likely to rebound once power conditions normalize. 

Hashrate Rebounds  

Meanwhile, Bitcoin’s hashrate has rebounded to about 873.2 EH/s, marking a 22.02% increase over the past 24 hours.

However, market sentiment remains cautious, as many investors shift their focus toward precious metals such as gold and silver. While gold and silver continue to post new highs, Bitcoin is up just 0.87% year-to-date, with BTC trading around $88,273.

Despite this modest gain, the asset remains down roughly 30.05% from its prior all-time high of $126,198.