The processing power on the Bitcoin network dropped 40 percent over the weekend as Bitcoin miners stopped trading due to the storm in the US.
In the USA, where the storm dominated at the weekend, the air temperature in the state of Montana dropped to -45 degrees, while the snow layer in New York state exceeded one meter. Bitcoin miners, located in the country where electricity demand increased due to the weather, stopped operations in order to support the electricity grid.
The hashrate, which represents the processing power on the Bitcoin network, dropped 40 percent over the weekend as miners stopped trading. The processing power of Foundry USA, the largest mining pool in the US, fell by more than 50 percent on Friday. According to the announcement made by Lee Bratcher, the founder and chairman of the Texas Blockchain Council, on his LinkedIn account, the processing power created by institutional miners in the state has decreased by 99 percent.
