Bitcoin Hashrate Plummets to Seven-Month Low After Major US Winter Storm

A powerful storm that battered the United States caused Bitcoin’s hashrate to plummet to its lowest level in seven months, as miners reduced output or temporarily shut down their rigs to ease the strain on power grids. This occurred while Bitcoin, Ethereum, and Solana prices remained relatively stable in the markets.
The Bitcoin mining network highlighted that it is ultimately more susceptible to weather fluctuations than to market volatility. Over the weekend, a severe winter storm swept across the US, triggering a sharp drop in the hashrate as miners scaled back production or shut down completely to relieve pressure on already strained power grids.

Official Data Reveals the Extent of the Impact

According to AccuWeather, the storm affected more than 30 US states, bringing heavy snowfall, ice formation, and sub-zero temperatures, which resulted in power outages for approximately one million customers. In this context, CoinWarz data shows that Bitcoin’s computing power began to decline on Friday, before plummeting over the weekend to around 663 exahashes per second (EH/s) by Sunday—a drop of over 40% in just two days.
Since then, the network has seen a partial recovery, with the hash rate rebounding to around 854 EH/s as of Monday.
Commenting on the event, Oregon-based mining company Abundant Mines described the impact as “significant,” noting that approximately 40% of global Bitcoin mining capacity was offline in just 24 hours due to severe winter weather.
The company explained that many operators voluntarily reduced production as electricity demand surged, emphasizing that this flexibility is a structural advantage of the mining industry. Mining farms can quickly shut down during periods of network congestion and restart just as rapidly when conditions improve.

The United States at the Heart of the Global Scene

This dynamic is particularly evident in the United States, which, according to Hashrate Index data, currently contributes about 38% of the total global hashrate. The country also hosts at least 137 cryptocurrency mining facilities, according to a 2024 report by the Energy Information Administration.
Industry advocates argue that this incident reinforces the idea that cryptocurrency miners represent a “resilient load” on energy systems rather than a burden. Mining operations can absorb surplus electricity generated by wind and solar power during periods of low demand and then shut down immediately when demand rises.
In this context, Daniel Patten, a Bitcoin ESG researcher on the X platform, highlighted that demand response programs involving miners helped stabilize the Texas power grid during the storm, as operators reduced consumption to free up capacity for homes and critical infrastructure.