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Hot weather and overloading of power grids in many countries of the world forced companies mining cryptocurrency to turn off equipment
Bitcoin’s hash rate fell more than 27% overnight to 159.41 exahashes per second (EH/s). This happened for the first time in five months, according to the BTC.com: on February 5, 2022, the figure fell to 157.89 EH / s.
A hashrate is the total computing power of the hardware that mines cryptocurrency, it is measured in hashes per second (H/s). Due to the intense heat and overload of power grids in some countries of the world, mining companies were forced to suspend the process of mining digital money. This has led to a marked decline in global hashrate.
Large companies in the state of Texas, the center of mining in the United States, stopped working, Bloomberg reported earlier. This was due to a sharp increase in demand for electricity against the background of a strong heat wave reaching 40 ° C. Windless weather deprived the power grid of the opportunity to use alternative energy sources.
Mining companies in Iran were disconnected from the power supply at the end of June. The country recorded a record electricity consumption of 62.5 thousand megawatts (MW) at peak times and this forced the authorities to limit consumption.
The decline in the bitcoin rate in recent months has significantly affected the income of cryptocurrency miners. According to Western studies, the world’s mining giants are forced to sell all the bitcoins they mined in order to cover their operating costs and repay loans.
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