Bitcoin's total network hash rate experiences the largest decline in history, possibly due to extreme weather in the United States

Odaily Planet Daily reports that according to Cloverpool data, the total network hash rate of Bitcoin recently dropped rapidly from approximately 1.16 ZH/s to 690 EH/s, marking the largest single decline in history. Subsequently, the hash rate began to recover and is currently around 859.17 EH/s.

Analysis suggests that this significant fluctuation in hash rate may be related to extreme weather conditions in the United States. A winter storm named “Fernan” has caused extreme low temperatures, heavy snowfall, and freezing weather in multiple parts of the US, resulting in power outages for over 1 million residents. Several power grid operators have issued energy-saving alerts. Against this backdrop, some US mining farms may have shut down either due to power outages or to stabilize the grid, leading to a significant short-term decrease in the Bitcoin network hash rate.