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In fact, the hashrate has already started to come down since reaching an all-time high in March. As of June 17, it is lower by 10% to 589 EH/s, according to Hashrate Index data. Since most miners are located in the U.S., particularly in steamy Texas, companies in North America shutting down their operations will likely make a dent in the hashrate growth. “According to data from the University of Cambridge, roughly 37% of all Bitcoin mining takes place in the United States,” said Blockware. “As summer continues heating up, it’s reasonable to expect US-based miners to have heat-induced curtailments.”