The US is experiencing a pretty incredible storm system traveling through it. Texas was below freezing for several days. Bitcoin miners, as expected, stopped mining so more power could be delivered to the grid. What we didn't expect the huge drop in hash rate (40%) which suggests mining is colocated (aka centralized) in regions affected by the arctic blast in the United States. (The hash rate has since come back to prior levels.)

While this demonstrates Bitcoin's ability to respond to demand, this level of geographic centralization is concerning. Mining seems to travel to the overlap of cheap energy and favorable regulation and that overlap doesn't seem to be well distributed.