A severe winter storm has hit U.S. miners hard, causing Bitcoin’s hashrate to drop about 12%, its most significant decline since late 2021. According to CoinDesk, this downturn follows a sharp reduction in mining operations as major firms curtailed activities to protect infrastructure and comply with power grid requests. The hashrate now stands near 970 exahashes per second, the lowest level since September 2025.

The storm's impact on mining operations has led to a significant contraction in Bitcoin’s production and miner revenue. Daily mining revenue fell from roughly $45 million to a yearly low of $28 million, before modestly rebounding to about $34 million, still below recent averages. Publicly listed miners saw their output drop from 77 Bitcoin per day to just 28, while output from other miners fell from 403 Bitcoin to 209. This drastic decline marks one of the most challenging periods for miners since the aftermath of China’s mining ban over four years ago.

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Profitability is also under severe pressure, with CryptoQuant’s Miner Profit and Loss Sustainability Index plummeting to 21, indicating that many miners are struggling to cover costs. Although mining difficulty has eased as machines went offline, it hasn’t alleviated the financial strain caused by falling Bitcoin prices and operational disruptions. If the hashrate remains low, further difficulty cuts may occur in the coming weeks, potentially providing some relief.

This situation underscores the fragility of Bitcoin mining operations in the face of extreme weather, raising concerns about the sustainability of mining efforts during adverse conditions.