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The hashrate of bitcoin mining has plunged to a five-month low after miners in Texas momentarily ceased operations.
The hashrate of Bitcoin (BTC) fell to 159.41 exahashes per second (EH/s) on July 13, the lowest in five months, when Texas-based miners were forced to go offline.
According to BTC.com statistics, the 27% reduction in hashrate is the highest since February 2022.
Since the BTC price went below $20,000, the Bitcoin hashrate, which represents the network's computational power, has been oscillating between highs and lows.
On June 8, more than a month ago, the hashrate reached 292 EH/s. However, it fell to 178.44 EH/s on July 9 before rebounding to 241.07 EH/s on July 11. That number is now 168.2 EH/s.
The decreased hashrate has also altered the difficulty of mining Bitcoin. In the previous 30 days, it has fallen by 3.7 percent.
Texas-based miners have gone offline.
Because of the state's record heat, miners in Texas have halted work.
Heatwaves often raise energy usage dramatically in the state, and officials anticipate that the electrical infrastructure will be stretched beyond its capabilities.
The Electric Reliability Council of Texas (ERCOT) has encouraged state officials to conserve electricity in order to avoid power outages.
The majority of the state's industrial crypto miners have responded by ceasing operations. Due to winter storms, Texas experienced its final statewide blackout in 2021, resulting in hundreds of deaths.
According to Lee Bratcher, president of the Texas Blockchain Association, over 1000 megawatts of mining load have already been paused.
This represents nearly all industrial scale Bitcoin mining load in Texas and allows for over 1% of total grid capacity to be pushed back onto the grid for retail and commercial use.
Texas has recently been one of the most important locations for crypto mining in the United States due to its industry-friendly policies.
With New York expected to prohibit crypto mining companies from utilizing fossil fuels, numerous crypto miners in the state have already relocated, with Texas appearing to be one of their chosen destinations.
However, large-scale crypto mining implies that energy consumption in Texas has hit new highs. According to Bloomberg, the state broke its power usage record twice this month, first on July 5 with 77,460 megawatts and then again on July 8 with 78,206 megawatts.
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