Quick Take
The Bitcoin network is witnessing its most substantial drawdown of 2023. There has been a significant decline in the network’s hash rate, from a peak of 382 terahashes per second (th/s) down to 360 th/s.
According to a recent report by the New York Post, Texas is concurrently experiencing record-breaking power demand due to an ongoing, historic heat wave. This surge in energy consumption is straining the state’s power grid to its limits.
The excessive demand for power and the consequent stress on the grid has caused a domino effect on various industries, notably impacting Bitcoin mining operations. Given the energy-intensive nature of cryptocurrency mining, some miners in Texas are faced with the necessity to temporarily suspend operations, contributing to the observed drawdown in the Bitcoin network’s hash rate.
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