In fact, the hashrate has already started to decline since hitting an all-time high in March, dropping 10% to 589 EH/s as of June 17, according to data from Hashrate Index. Most miners are located in the US, particularly humid Texas, so any shutdowns by North American companies will likely hit hashrate growth. “According to data from the University of Cambridge, roughly 37% of Bitcoin mining takes place in the US,” Blockware said. “As the summer continues to heat up, it is reasonable to expect US-based miners to experience heat-related shutdowns.”
