Bitcoin mining activity has experienced its steepest decline since late 2021, as a severe winter storm across the United States forced major mining firms to scale back operations, leading to a sharp drop in network hashrate, production, and miner revenue. According to CryptoQuant data, Bitcoins total network hashrate has fallen by around 12% since November 11, marking the largest drawdown since October 2021, a period that followed Chinas sweeping crackdown on crypto mining.