On December 25th, the bitcoin hashrate experienced a nearly 39% drop, reaching a low of 168.85 EH/s, according to CoinWarz data.
The cause of this decline was reported to be extreme weather conditions in Texas, which led BTC miners in the state to halt their operations and redirect electricity to residents for home heating.
Some have raised concerns about the level of control that the Texas region has over bitcoin mining and the impact this can have on decentralization.
However, others have pointed out that the global bitcoin network remained stable despite the drop in hashrate and that the situation would not have been comparable to disruptions at large tech companies like Amazon or Google.
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