Bitcoin Hashrate Falls by Almost 30% After Texas Miners Shut Down Their Devices

Mining companies have been forced to shut down their crypto mining equipment due to the extreme hot weather in Texas.

The giants Argo and Riot have recently suspended the work of their miners. According to the head of the Texas Blockchain Association, Lee Bratcher, companies have suspended Bitcoin mining in order to reduce the load on the energy system of the American state in the current conditions of abnormally hot weather.

As a result, in the middle of the current week, the BTC hashrate has fallen by 27%. Last July 14, the processing power of the Bitcoin network dropped to 159.41 EH/s.

The Texas Power Board, which acts as the regulator of the industry, has urged miners to turn off some of the equipment. In addition, the Texas authorities have asked state residents and local businesses to also reduce energy consumption.