Bitcoin's network hashrate recently experienced a dramatic drop from 1.16 ZH/s to 690 EH/s, marking the largest decline on record, according to Cloverpool data. The hashrate has since rebounded to 859.17 EH/s. Analysts attribute the sharp decline to the winter storm "Fernan" sweeping across the United States, which has led to increased electricity demand. In Texas and other key mining regions, mining operations have shut down significantly in response to grid demands or power outages, causing the hashrate to fluctuate wildly.