Texas power restrictions reduce Bitcoin mining hash rate by approximately 25%

The Bitcoin network hashrate dropped an estimated 25% as grid regulators in the US state of Texas imposed power curtailment requirements following the recent cold snap. Data from MiningPoolStats and Blockchain.com show that global hash rate estimates fell to 450EH/s from about 600EH/s on Friday. Foundry USA Pool, one of the largest mining pool operators, fell from an estimated 155 EH/s on Friday to 77 EH/s yesterday before recovering somewhat. Luxor Mining Pool and Marathon Digital hash rates have also been affected to varying degrees.

Bitcoin miners in Texas are also no strangers to the state’s demands for production cuts. In August, Riot Platforms cut electricity usage by more than 95% during the summer heat wave, and received a record monthly $31.7 million in power and demand response credits. Iris Energy also received $2.3 million in energy credits during the same month, primarily due to voluntary curtailments at its Childress, Texas, facility.