Bitcoin's network hashrate suffered its largest drop in history, possibly related to winter storms in the United States.

According to Cloverpool data, the Bitcoin network hashrate recently plummeted from 1.16 ZH/s to 690 EH/s, marking the largest drop in history. It subsequently rebounded and is currently at 859.17 EH/s. Analysts suggest this rapid decline was due to the impact of Cyclone Fernando, a winter storm that swept across the United States. The extreme weather caused a surge in electricity demand, leading to large-scale shutdowns of mining companies in major mining hubs like Texas due to grid disruptions or power outages, resulting in significant fluctuations in the network hashrate.