Bitcoin mining hash rate plummets amid US winter storm

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Bitcoin
Bitcoin mining hash rate plummets amid US winter storm

Today, the bitcoin mining hash rate has significantly dropped from 230 EH/s to 156 EH/s. The current winter storm has presented a distinct set of difficulties for US bitcoin miners.

Winter storm distracts BTC mining

According to recent reports, the ongoing US winter storm has caused a severe distraction to bitcoin miners as power supply fluctuations continue countrywide. The bitcoin channel’s hash rate decreased from 230 EH/s to 156 EH/s. Many of the miners decided to shut down their operations.

As per CoinMetrics data, the hash rate has slipped by more than 30% since Saturday, falling from 230 EH/s to 155 EH/s. Many large miners halted processes after the National Weather Service warned about the anticipated Arctic blast.

As per CNN, thousands of households and companies across the country have been without power over the festive period due to an Arctic blast and snowstorm that destroyed electric lines with strong gusts of wind and snow while hazardously lowering temperatures. At least 22 people were killed as a result of the storm.Ā 

Riot Blockchain announces shutting Rockdale facility 

The mining company Riot Blockchain announced it was shutting its Rockdale facility in Texas due to severe meteorological conditions, which caused a significant upheaval in the bitcoin network. Other miners took similar actions. To assist in strengthening the electricity infrastructure, Core Scientific, which recently sought bankruptcy protection, revealed that it would take part in several energy restrictions and regulations. Throughout this time, Core Scientific predicted a decline in bitcoin manufacturing on Twitter.

Neil Galloway, director of mining operations at Compass Mining, said:

“Please be prepared for some ups and downs this weekend as we deal with the winter storm. Because your miner is offline, people can heat their homes and cook.”

Neil Galloway, director of mining operations at Compass Mining

The weather phenomenon has generated a unique set of difficulties for bitcoin miners in the United States as they rely on reliable energy to conduct operations. Protracted power failures have severe consequences for their capacity to participate in mining activities. The Cambridge Centre for Alternative Finance reported that the United States is responsible for at least 37% of bitcoin’s global hash rate.

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.