US Winter Storm Knocks Bitcoin Hashrate Down 40% in 48 Hours

A powerful winter storm sweeping across the United States has sent Bitcoin’s hashrate tumbling to a seven-month low. This incident highlights how deeply the mining industry depends on real-world weather and energy systems rather than crypto market prices.

Over the weekend, extreme cold, snow, and ice hit more than three dozen US states, disrupting power supplies and pushing miners to scale back operations.

According to Fox Weather, the storm left roughly one million customers without electricity, forcing grid operators and large power consumers to prioritize stability over output. Moreover, Bitcoin miners, many of whom participate in demand-response programs, powered down rigs to reduce strain on already stressed grids.

Hashrate Plunges as Miners Shut Down Rigs

Data from CoinWarz shows  Bitcoin’s hashrate began sliding on Friday before plunging sharply over the weekend. By Sunday, network computing power had dropped to about 663 exahashes per second (EH/s), marking a drawdown of more than 40% in just two days. The network has since staged a partial recovery, rebounding to around 854 EH/s as of Monday.

Oregon-based miner Abundant Mines described the disruption as “significant,” estimating that nearly 40% of global Bitcoin mining capacity went offline within 24 hours due to the extreme weather. The firm noted that many operators voluntarily reduced output as electricity demand surged across residential and critical infrastructure.

According to Abundant Mines, this ability to shut down quickly and restart just as fast represents a structural advantage rather than a weakness.

The US now plays an outsized role in Bitcoin mining. Hashrate Index estimates that the country accounts for close to 38% of global hashrate, while a 2024 Energy Information Administration report counted at least 137 crypto-mining facilities nationwide. That concentration means US weather events can increasingly ripple through the global Bitcoin network.

Prices Stay Calm Despite Network Shock

While the hashrate absorbed a sharp hit, crypto prices barely flinched. According to CoinGecko data, Bitcoin trades near $88,261, up modestly from around $86,567 a day earlier. ETH changes hands near $2,923, posting a small day-on-day gain, while Solana sits around $124.3 after rising roughly 1.4% over the past 24 hours.

Industry advocates argue the episode strengthens the case that miners function as “flexible load” for power grids rather than constant drains. Furthermore, Bitcoin ESG researcher Daniel Batten noted on X that mining demand-response programs helped stabilize the Texas grid during the storm, as operators curtailed energy use to free capacity for households.

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