Bitcoin's network hashrate suffered its largest drop in history, possibly due to extreme weather in the United States.

According to Cloverpool data, the Bitcoin network hashrate recently plummeted from approximately 1.16 ZH/s to 690 EH/s, marking the largest single drop in its history. The hashrate subsequently rebounded and is currently at approximately 859.17 EH/s. Analysts believe this significant fluctuation may be related to extreme weather in the United States. The winter storm "Fernan" triggered extreme low temperatures, heavy snowfall, and freezing conditions across many parts of the US, causing power outages for over one million residents and prompting several power grid operators to issue energy-saving warnings. Against this backdrop, some mining farms in the US either shut down due to power outages or to maintain grid stability, leading to a significant short-term decrease in the Bitcoin network hashrate.