Bitcoin Hashrate Bounces Back Overall After 39% Drop

• BTC hashrate was 168.85 EH/s on Dec 25, and on Dec 23 it was 271.4 EH/s.
• BTC miners in Texas voluntarily halted the mining process.

Bitcoin hashrate which fell on Dec 25th nearly reaching a 39% low in the week started to surge. As per the CoinWarz data, the bitcoin hashrate was 168.85 EH/s on Dec 25th. And two days prior (Dec 23rd) it was 271.4 EH/s. The reason for the fall was stated to be the extreme climatic conditions in Texas.

On the 23rd of December, the BTC miners in Texas voluntarily halted the mining process since they wanted to redirect the power to residents of the state. The electricity was further put into home heaters usage, as the residents were not able to withstand the freezing temperature.

But the other side has started the discussion on the control the Texas region has over Bitcoin mining. Closing up of one zone has a greater effect, which in turn questions the basics of decentralization.  

John Stefanop, founder of FutureBit states:

“If hashrate was distributed evenly around the world by 10’s of millions of small miners instead of a few dozen massive mines, this event would not have even registered on the network.”

Whereas, Dennis Porter, the CEO of Satoshi Action Fund, tweeted stating the functioning Bitcoin network around the globe was very smooth even with this blockage. He also continues to mention that this scenario wouldn’t have been similar to other big tech firms such as  “Amazon or Google”.