Bitcoin’s hashrate fell 27% in one day

Many companies around the world shut down mining equipment due to the heat and overloaded power grids.

Bitcoin’s hashrate fell by more than 27% in the last 24 hours, dropping to 159.41 EH/s. According to BTC.com, this is the first time this has happened in five months, with the hash rate dropping to 157.89 EH/s on February 5, 2022.

Hashrate is the processing power of the equipment that mines the cryptocurrency and is measured in hash per second (H/s). With the intense heat and power grid overloads, mining companies from some countries were forced to stop mining cryptocurrency, which led to a noticeable drop in global hashrates.

Large cryptocurrency companies in the state of Texas, the U.S. mining center, stopped their work, as previously reported by Bloomberg. Data from site CryptoDeFix. This happened due to a sharp increase in the cost of electricity on the background of forty-degree heat and windless weather. Also in June, Iran banned the mining of cryptocurrency.