The network hashrate of Bitcoin has decreased by about 25% over the previous few days as a result of curtailment demands from the Texas grid regulator after a recent cold snap, cementing Texas’s position as a global hub for the sector.
Global hashrate estimates decreased from 600 EH/s on Friday to 450 EH/s on Tuesday, according to data from MiningPoolStats and Blockchain.com.
This coincided with an ERCOT weather warning for January 14–17 owing to extremely cold temperatures throughout the region. For the majority of the state, the Electric Reliability Council of Texas, or ERCOT, acts as the grid regulator.
Official conservation appeals were made on Sunday, Monday, and Tuesday in response to ERCOT’s warning. “Operating reserves are expected to be low tomorrow morning due to continued freezing temperatures, record-breaking demand and unseasonably low wind,” stated ERCOT.
It also added, “We request Texas businesses and residents conserve electricity use, if safe to do so.” The most recent request for a curtailment expired at nine a.m. CT yesterday.
The hashrate reduction suggests that power capacity was reduced by over four gigawatts during that time, as TheMinerMag previously reported.
According to MiningPoolStats, miners pointing at Foundry USA Pool, one of the biggest mining pool operators by hashrate, looked to be accountable for about half of the loss. Yesterday, it dropped from an estimated 155 EH/s on Friday to 77 EH/s before rising again.
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