The arctic blast within the US has already claimed at the very least 22 lives and temperatures might dip dangerously beneath freezing ranges. Amid the acute climate situations, a number of Bitcoin (BTC) miners have voluntarily curtailed or shut down operations to assist the struggling energy grid.
Foundry dropped its hash fee by over 44% or practically 30 EH/s for the reason that storm. Foundry’s hash fee was all the way down to 42.63 EH/s on Dec. 25 in comparison with 76.68 EH/s on Dec. 23, in accordance with knowledge from The Block.
The Bitcoin community’s imply hash fee has dropped considerably to 156.36 EH/s on Dec. 24 from 252.98 EH/s on Dec. 21, Glassnode knowledge reveals.
Moreover, it’s the largest one-day detrimental hash fee adjustment in over 6 months — the imply hash fee dipped by over 46% on Dec. 24.
The drop in hash fee signifies that much less mining energy is dedicated to mining BTC. This has triggered Bitcoin’s common block time to spike to a yearly excessive of 16.18 minutes, in accordance with BitInfoCharts knowledge. BTC block time signifies the time it takes to mine a block.
On the identical time, the common BTC block affirmation time, i.e, the time it takes so as to add transactions right into a mined block, has greater than doubled in a day. Based on Blockchain.com knowledge, the common time to substantiate a BTC block has jumped from 19.53 minutes on Dec. 23 to 46.78 minutes on Dec. 24.
Moreover, the mining problem is anticipated to fall by 11.6% through the subsequent adjustment cycle, Joe Burnett, head analyst at Blockware, mentioned on Dec. 24. The subsequent BTC mining problem adjustment is anticipated on Jan. 4, 2023.