A severe winter storm in Texas is forcing Bitcoin miners offline, causing the network hashrate to drop sharply. Bitcoin’s computing power fell from 1.133 ZH/s to 690 EH/s in just two days, according to CryptoQuant analyst Darkfost. Blockchain.com reports a 7-day moving average of 950 EH/s, reflecting a lagging view.
The storm is disrupting the power grid and driving up electricity costs, prompting major Texas miners like MARA and Foundry Digital to shut down rigs. This has slowed block times and is expected to trigger a 4.5% reduction in mining difficulty. Emergency measures by the US Department of Energy are helping the grid, but analysts warn miners could be forced to sell BTC to cover expenses while waiting for conditions to improve.
Network hashprice is also at a low $0.039 per TH/s per day, making profitability difficult. Bitcoin briefly reached $88,500 on Tuesday but remains down 4.5% for the week, trading within the lower bounds of a three-month sideways range as bearish sentiment persists.
