Bitcoin hashrate collapses weakening security as major mining pool drops 30% of its power

Severe winter weather in the US is linked to a sharp, visible drop in Bitcoin's network hashrate, which weakens security. This dip is partly attributed to major US-based mining operations, like the Foundry pool, curtailing power or losing it due to grid stress. US miners often participate in interruptible load programs, selling power back to the grid during peak demand caused by storms, leading to sudden drops in hashing power that show up on charts. Foundry, a large US-linked pool, reportedly saw its hashrate fall by about 30% during a recent cold snap. This event underscores two key concentration risks: geographic concentration (miners under the same weather system) and coordination concentration (miners pointing at the same pool). While short-term hashrate dips can cause temporary block time delays, the broader narrative consequence is questioning the network's resilience and decentralization when faced with extreme weather events that trigger coordinated curtailment among large mining entities.

(Source：CryptoSlate)