Bitcoin's hashrate fluctuations amid extreme weather conditions

Bitcoin's collective hashrate has undergone significant fluctuations since late December, with a marked downfall around mid-January.

The drop was mainly linked to extreme cold weather in Texas, which compelled many miners to temporarily halt their activities.

By January 21, 2024, the seven-day simple moving average (SMA) of the hashrate dipped below the 500 exahash per second (EH/s) mark.