{"id":513833,"date":"2022-12-27T18:00:53","date_gmt":"2022-12-27T23:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=513833"},"modified":"2024-06-11T14:33:26","modified_gmt":"2024-06-11T14:33:26","slug":"bitcoin-hashrate-not-out-of-the-woods","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-hashrate-not-out-of-the-woods\/","title":{"rendered":"Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet"},"content":{"rendered":"

The bitcoin mining hashrate took a sharp nosedive as a historical storm tore through multiple US states. This saw power grids consolidate power to be able to provide enough energy for residents to heat their homes and some mining operations had to wind down to free up more of the electrical. There has been an increase in the hashrate since then but the worst may not be over yet.<\/p>\n

Bitcoin Hashrate Takes A Beating<\/h2>\n

Electricity grids across the United States came under immense pressure as the country recorded one of its coldest winters yet. Temperatures dropped drastically across various states and the electricity grid was stretched thin to provide enough energy to heat homes. As a result, a number of bitcoin miners decided to pause their operations to free up some energy and this affected the hashrate contributed by the country.<\/p>\n

Related Reading: Litecoin (LTC) Tops List Of Christmas Gainers, Is $100 Still Possible?<\/a><\/div>\n

By Christmas Day, the global hashrate had tanked almost 40%<\/a>, dropping from its Dec. 24 peak of 276 exahashes per second (EH\/s) to 175 EH\/s. However, there was a 39% increase in hashrate on the same day which brought it back up to around 244 EH\/s.<\/p>\n

\"Bitcoin<\/p>\n

BTC mining hashrate sees sharp decline on Christmas Day | Source: CoinWarz<\/a><\/pre>\n
Since then, the hashrate has continued to wobble day to day and has now dropped back to the 212 EH\/s level once more. This shows that while miners may have turned some of their machines back on, they may be shutting them down once more as the extremely cold weather persists.<\/p>\n
How Long Will This Last?<\/h2>\n
Winter storm expert for Atmospheric Environmental Research Judah Cohen said that the Arctic blast currently being experienced in the United States should be short-lived and last about a week before temperatures begin to return to normal.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC price maintains momentum above $16,800 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
However, this still leaves a couple of days before it is expected to completely subside. This is evidenced by the zig-zag recovery and dips in the bitcoin hashrate in the last two days following Dec. 25. Miners who have taken their operations offline to help stabilize the electricity grid will likely leave them offline for a while longer until authorities are convinced the weather has stabilized. An example of this was back in July when Riot Blockchain had to shut off its mining machines in Texas as the state faced a heat wave.<\/p>\n
Related Reading: Bearish Indicator: Bitcoin Volatility Hits All-Time Low<\/a><\/p>\n
Given this, the bitcoin mining hashrate is expected to trend low for another couple of days before bouncing back up. As for the miners, given that Riot had received $9.5 million in energy credits for turning off operations in July, it is possible that some sort of recompense will be offered to the miners.<\/p>\n
\n
Featured image from Crypto News, chart from TradingView.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The bitcoin mining hashrate took a sharp nosedive as a historical storm tore through multiple US states. This saw power grids consolidate power to be able to provide enough energy for residents to heat their homes and some mining operations had to wind down to free up more of the electrical. There has been an increase in the hashrate since then but the worst may not be over yet. Bitcoin Hashrate Takes A Beating Electricity grids across the United States came under immense pressure as the country recorded one of its coldest winters yet. Temperatures dropped drastically across various states and the electricity grid was stretched thin to provide enough energy to heat homes. As a result, a number of bitcoin miners decided to pause their operations to free up some energy and this affected the hashrate contributed by the country. Related Reading: Litecoin (LTC) Tops List Of Christmas Gainers, Is $100 Still Possible? By Christmas Day, the global hashrate had tanked almost 40%, dropping from its Dec. 24 peak of 276 exahashes per second (EH\/s) to 175 EH\/s. However, there was a 39% increase in hashrate on the same day which brought it back up to around 244 EH\/s. BTC mining hashrate sees sharp decline on Christmas Day | Source: CoinWarz Since then, the hashrate has continued to wobble day to day and has now dropped back to the 212 EH\/s level once more. This shows that while miners may have turned some of their machines back on, they may be shutting them down once more as the extremely cold weather persists. How Long Will This Last? Winter storm expert for Atmospheric Environmental Research Judah Cohen said that the Arctic blast currently being experienced in the United States should be short-lived and last about a week before temperatures begin to return to normal.\u00a0 BTC price maintains momentum above $16,800 | Source: BTCUSD on TradingView.com However, this still leaves a couple of days before it is expected to completely subside. This is evidenced by the zig-zag recovery and dips in the bitcoin hashrate in the last two days following Dec. 25. Miners who have taken their operations offline to help stabilize the electricity grid will likely leave them offline for a while longer until authorities are convinced the weather has stabilized. An example of this was back in July when Riot Blockchain had to shut off its mining machines in Texas as the state faced a heat wave. Related Reading: Bearish Indicator: Bitcoin Volatility Hits All-Time Low Given this, the bitcoin mining hashrate is expected to trend low for another couple of days before bouncing back up. As for the miners, given that Riot had received $9.5 million in energy credits for turning off operations in July, it is possible that some sort of recompense will be offered to the miners. Featured image from Crypto News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":513834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,55860,639,640,1119,2312,4748],"class_list":["post-513833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-hashrate","tag-bitcoin-miners","tag-bitcoin-mining","tag-btc","tag-hashrate","tag-mining-hashrate"],"acf":[],"yoast_head":"\nWhy The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet<\/title>\n<meta name=\"description\" content=\"The bitcoin mining hashrate took a sharp nosedive as a historical storm tore through multiple US states. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet","url":"http:\/\/wncen.com\/news\/bitcoin-hashrate-not-out-of-the-woods\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-hashrate-not-out-of-the-woods\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-hashrate.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-hashrate.jpeg?fit=1200%2C801"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin hashrate","bitcoin miners","bitcoin mining","btc","hashrate","mining hashrate"],"dateCreated":"2022-12-27T23:00:53Z","datePublished":"2022-12-27T23:00:53Z","dateModified":"2024-06-11T14:33:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-hashrate-not-out-of-the-woods\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-hashrate-not-out-of-the-woods\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-hashrate.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-hashrate.jpeg?fit=1200%2C801\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin hashrate\",\"bitcoin miners\",\"bitcoin mining\",\"btc\",\"hashrate\",\"mining hashrate\"],\"dateCreated\":\"2022-12-27T23:00:53Z\",\"datePublished\":\"2022-12-27T23:00:53Z\",\"dateModified\":\"2024-06-11T14:33:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-hashrate.jpeg?fit=1200%2C801","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513833"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=513833"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/513834"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=513833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=513833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=513833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}