- Bitcoin hash rate drops 12% amid U.S. storm-induced mining disruptions.
- Mining revenues decline as Bitcoin price falls to $77,588.42.
- Network infrastructure challenges highlight U.S. bandwidth centralization risks.
Bitcoin’s network hashrate experienced a significant 12% decrease since November 11, 2023, due to severe US winter storms impacting mining operations, notably affecting Foundry USA pool.
This has caused Bitcoin price slides and reduced mining revenue, highlighting US mining centralization risks, while ushering potential resilience and market adaptations.
U.S. Storms Cause 12% Bitcoin Hashrate Decline
Bitcoin’s mining infrastructure faces challenges following severe U.S. winter storms that have forced miners offline. Foundry USA, one of the largest mining pools, experienced a dramatic 40% hash rate dip during these storms. This event highlights a critical need for infrastructure resilience.
Consequently, the Bitcoin network temporarily slows, with block times extending to 12-14 minutes. The implications on Bitcoin mining revenues are significant, with daily incomes dropping from $45 million to $28 million. Operators face increased operational challenges as a result.
BingX offers exclusive rewards and top-tier security for new and high-volume crypto traders.
It seems that there are no direct quotes from key figures or organizations related to the recent drop in Bitcoin’s network hashrate based on the information provided.
However, based on the topics mentioned, key figures continue to monitor developments without public commentary.
Historical Parallels and Regulatory Concerns Emerge
Did you know? The current hashrate decline mimics the largest drops seen since the 2021 China mining ban, demonstrating the ongoing impacts of geographical dependencies in cryptocurrency mining operations.
Bitcoin (BTC) shows a price of $77,588.42 with a market cap of $1.55 trillion. Trading volumes reached $67.92 billion, down 3.12% over 24 hours. Over the last 90 days, BTC prices declined by 27.36%, as reported by CoinMarketCap.
Coincu researchers note potential regulatory and financial repercussions, especially regarding network centralization in storm-vulnerable regions. Furthermore, these events may prompt regulatory scrutiny, demanding enhanced resilience and diversification of global mining locations.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
No tags available.
Other Posts
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- China, US Conclude Trade Talks with Focus on Cooperation
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Court Upholds Fed’s Rejection of Custodia Bank’s Request
- Kazakhstan Explores Crypto Reserves Backed by National Funds
- CFTC Chairman Selig Plans to Formalize Crypto Regulations
- EU Opens Antitrust Probe Into Deutsche Boerse and Nasdaq Derivatives Dealings
- Circle Mints $500 Million USDC on Solana Blockchain
- JPMorgan Increases Holdings in BlackRock’s Bitcoin ETF
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- China, US Conclude Trade Talks with Focus on Cooperation
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Court Upholds Fed’s Rejection of Custodia Bank’s Request
- Kazakhstan Explores Crypto Reserves Backed by National Funds
- CFTC Chairman Selig Plans to Formalize Crypto Regulations
- EU Opens Antitrust Probe Into Deutsche Boerse and Nasdaq Derivatives Dealings
- Circle Mints $500 Million USDC on Solana Blockchain
- JPMorgan Increases Holdings in BlackRock’s Bitcoin ETF
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- China, US Conclude Trade Talks with Focus on Cooperation
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Court Upholds Fed’s Rejection of Custodia Bank’s Request
- Kazakhstan Explores Crypto Reserves Backed by National Funds
- CFTC Chairman Selig Plans to Formalize Crypto Regulations
- EU Opens Antitrust Probe Into Deutsche Boerse and Nasdaq Derivatives Dealings
- Circle Mints $500 Million USDC on Solana Blockchain
- JPMorgan Increases Holdings in BlackRock’s Bitcoin ETF
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
Latest
FTX Creditors Anticipate March 2026 Distribution Amid Reduced Claims Reserve
Press Release
Bybit Unveils 2026 Vision as “The New Financial Platform,” Expanding Beyond Exchange Into Global Financial Infrastructure
“USS Status” Launch: Crypto Veteran Returns With Satirical Cartoon, Privacy App, and Gasless L2
