CryptoQuant: Bitcoin hashrate drops 12% in worst drawdown since China mining ban

A severe winter storm has forced US miners to curtail operations, dragging bitcoin’s hashrate, output and miner margins to their weakest levels in months. What to know : Bitcoin’s total network hashrate has dropped about 12 percent since November 11, its largest decline since 2021, after severe U.S. winter storms forced major miners to shut down operations. Daily bitcoin mining revenue plunged from roughly $45 million to a yearly low of $28 million in just two days, while output from large public miners fell from 77 bitcoin per day to 28, underscoring the scale of the disruption. CryptoQuant’s Miner Profit and Loss Sustainability Index has slid to 21, its lowest level since November 2024, signaling that many miners are operating under severe financial stress despite recent difficulty reductions.