Data shows Foundry USA, the biggest Bitcoin mining pool in the world, has lost a significant portion of its Hashrate to the US winter storm.
Foundry USA Has Seen A Bitcoin Hashrate Decline Of 200 EH/sThe United States is currently experiencing an extreme weather event, with a powerful winter storm sweeping across much of the country. The Arctic air accompanying the storm has brought with it a severe drop in temperatures, causing widespread disruptions to travel and power infrastructure.
Before the weekend, the Bitcoin Hashrate was floating around 1,118 EH/s, but on Sunday it dropped to a low of just 668 EH/s. The metric has seen a rebound on Monday, but its latest value of 776 EH/s is still down more than 30%. The result? The blockchain is processing each block in an average interval of 12.28 minutes, which is 2.28 minutes slower than the expected rate of 10 minutes.
Given the scale of the latest Hashrate drop, a sustained disruption would mean that the Bitcoin blockchain would be forced to ease up its Difficulty by a significant factor. Currently, the next network adjustment is estimated to reduce Difficulty by 18%.
BTC PriceAt the time of writing, Bitcoin is trading around $87,700, down 5.7% in the last week.
