Bitcoin Mining: Texas Freeze Slows Mining, Affects 34% of Arithmetic Power

The bitcoin mining industry in Texas has been hit hard by the response to extreme weather conditions. Dropping temperatures have caused mining centers to be unable to use enough power to achieve higher levels of arithmetic.

Texas Bitcoin Mining Slows Down Due to Power Crunch

Bitcoin hash rates have dropped significantly due to a sudden freeze in Texas, forcing miners there to reduce activity to maintain the state’s power infrastructure.

According to a report from CoinMarketCap, the total hash rate of the Bitcoin network dropped 34% from January 11th to January 15th. The decline went from 629 EH/s on Jan. 11 to about 415 EH/s on Jan. 15. The arithmetic partially rebounded to above 454 EH/s on Jan. 16, when temperatures in Austin temporarily reached above freezing. Whatsminer

Typically, power involves between 1,449 kWh and 72,000 GW of electricity per Bitcoin transaction. The Bitcoin network uses about 128 GWh to generate 900 bitcoins per day.

With temperatures dropping to their lowest in Texas last week, companies have had to reduce their power usage to accommodate the state’s limited resources.

Marathon, Riot Confirm Reduced Activity

Companies involved in the mining industry, such as Riot Platforms and Marathon Digital, admitted that they reduced their activities to provide assistance to the Texas power system and its residents during the cold snap.Kaspa mining

The impact of the freeze in Texas on the decline in bitcoin hash rates emphasizes the impact that severe weather can have on the bitcoin mining industry.

Texas Production Drop Could Bring the Entire Bitcoin Chain to a Halt

Texas is one of the most Bitcoin-friendly states in the United States. It also has about 29 percent of the Bitcoin hash rate in the United States. Many mining companies have relocated there following China’s crackdown on cryptocurrency mining.

The state passed the Texas Bitcoin Act on May 11 in the House of Representatives. The bill was then approved by the state Senate earlier on May 27th as well. The state’s business code recognizes bitcoin and other digital assets, making it a bitcoin haven in the United States.

Texas is home to several bitcoin mining companies, including Core Scientific, Bitdeer, Riot Platforms, and Marathon Digital. however, many networks have been offline and unable to mine over the past week due to harsh weather conditions.

As production in Texas declines, the entire mining network could slow down, leading to a cessation of activity. Nonetheless, better weather conditions in the coming week will be a key factor in the resumption of bitcoin mining in the region.