Bitcoin Network Hash Rate Records Largest Historical Drop, Possibly Affected by Extreme Weather in the United States

According to data from Cloverpool, the Bitcoin network hash rate recently dropped sharply from approximately 1.16 ZH/s to 690 EH/s, marking the largest single-day decline in history. Subsequently, the hash rate began to recover and is currently reported at around 859.17 EH/s.

Analysis suggests that this significant fluctuation in hash rate may be related to extreme weather in the United States. A winter storm named "Fernan" has triggered extreme low temperatures, heavy snowfall, and freezing conditions across many parts of the US, leading to power outages for over 1 million residents. Several grid operators have issued energy conservation alerts. Against this backdrop, some mining farms in the US may have been forced to shut down due to power outages or proactively powered down to stabilize the grid, resulting in a significant short-term drop in the Bitcoin network's total hash rate.