Bitcoin's overall network hash rate has seen the largest drop in history, possibly related to extreme weather in the United States

Recently, the total Bitcoin network hash rate plummeted from 1.16 ZH/s to 690 EH/s, marking the largest drop in history. It has since rebounded and is currently reported at 859.17 EH/s.

Some analyses indicate that this rapid decline in hash rate was influenced by a winter storm in the United States. The storm, named "Fernan," triggered extreme low temperatures, snowfall, and freezing across much of the country, leading to over 1 million residents losing power, and grid operators subsequently issued energy-saving alerts. Many mining pools in the U.S. were affected, either shutting down voluntarily or involuntarily, resulting in a continued decrease in hash rate.