Bitcoin news: BTC hashrate drops 12% in worst drawdown since China mining ban
A severe winter storm caused Bitcoin's network hashrate to drop 12%, the largest since the China mining ban, severely impacting miner revenue and production.Summary
Bitcoin's total network hashrate has decreased by approximately 12% since November 11, representing the most significant drop since the recovery period following China's 2021 mining ban. This decline, which brought the hashrate to its lowest level since September 2025, was primarily triggered by a severe winter storm in the US that forced major mining firms to curtail operations to protect infrastructure and adhere to grid requests. The operational disruption immediately affected miner economics; daily bitcoin mining revenue plummeted from $45 million to a yearly low of $28 million between January 22 and January 24. Similarly, production from publicly traded miners contracted sharply. Profitability indicators, such as CryptoQuant’s Miner Profit and Loss Sustainability Index, reached their lowest point since November 2024, signaling deeply stressed conditions where revenues struggle to cover costs. Although network difficulty has eased slightly due to offline machines, this relief has not been sufficient to counteract falling prices and operational issues, leading to one of the most challenging periods for Bitcoin miners since the post-China ban reset.
(Source：CoinDesk)