Bitcoin mining took a sharp hit during January’s US winter storm, with Cryptoquant reporting that network hashrate fell by about 12% as major American mining firms cut operations because of power disruptions. The pullback was the steepest since October 2021, and it pushed total network hashrate to its lowest level since September 2025.
Weather shock landed on an already weak mining setup
Cryptoquant said the storm worsened conditions that were already difficult for miners. Before the weather event, bitcoin had retreated from its $126,000 all-time high toward the $100,000 range, while mining difficulty remained elevated. That combination had already squeezed operating margins across the sector.
Mining revenue dropped quickly. Daily bitcoin mining revenue fell from roughly $45 million on Jan. 22 to a yearly low near $28 million two days later, according to the firm. By Jan. 26, revenue had partially recovered to around $34 million, but it still remained below pre-storm levels.
Production declined across both public and private miners
Output figures showed the disruption was not limited to a handful of operators. Cryptoquant said the largest publicly traded mining companies saw production fall from 77 BTC per day to just 28 BTC during the event. Other miners also saw a major drop, with daily production sliding from 403 BTC to 209 BTC.
On a 30-day basis, the firm described the contraction as the strongest since mid-2024, shortly after the latest bitcoin halving. Public miners recorded production losses of as much as 48 BTC, while other miners together lost about 215 BTC, based on Cryptoquant’s on-chain tracking.
Profitability stayed under strain despite lower difficulty
Cryptoquant’s Miner Profit/Loss Sustainability Index dropped to 21, its lowest reading since November 2024. The firm said that level indicates miners are “extremely underpaid” under current price and difficulty conditions. Difficulty has been adjusted downward several times over the past five epochs, but Cryptoquant said that relief has not been enough to offset weaker prices, lower block production, and storm-related outages.
The report also pointed to a broader structural issue. With a large share of industrial-scale bitcoin mining concentrated in the US, regional disruptions such as severe weather can move through the network quickly. Based on the latest figures, the pressure on miners has not yet eased.