On December 25th, CoinWarz data recorded a 39% decrease in the bitcoin hashrate, resulting in a low of 168.85 EH/s.

It was attributed to the extreme weather conditions in Texas, which led miners in the state to redirect electricity to residents for heating purposes.

While some have expressed worries over the amount of control Texas has over bitcoin mining, others have argued that the global bitcoin network remained secure in spite of the dip in hashrate, and it would not have been comparable to disruptions at tech giants like Amazon and Google.