TechFlow News: On January 28, according to Cloverpool data, Bitcoin’s global hash rate recently plummeted from 1.16 ZH/s to 690 EH/s—the largest single-drop in history. It has since rebounded and currently stands at 859.17 EH/s. Analysts attribute this sharp decline to Winter Storm “Fernan,” which swept across the United States. Extreme weather conditions triggered a surge in electricity demand; as a result, mining operations in major mining hubs—such as Texas—shut down en masse either to comply with grid demand or due to power outages, causing severe volatility in the network’s overall hash rate.
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