The hashrate of the Bitcoin network has dropped by more than 38.8% since its peak on Wednesday, as many US-based miners have been forced to shut down their operations due to deadly blizzards. According to IntoTheBlock data, Bitcoin hashrate, or the amount of computing power used for mining and processing transactions, was 155.28 exahashes per second on Saturday, down from 253.88 exahashes on Wednesday. On Saturday, Core Scientific announced that it would “participate in multiple power curtailments to help stabilise the electrical grid,” and that Bitcoin production would slow. Riot Blockchain, a bitcoin miner, announced on Thursday that it was closing its facility “due to the extreme weather conditions in Texas.”
