The current snowfall has presented Bitcoin miners in the United States with a unique set of difficulties.
The ongoing snowstorm in the United States has had a devastating effect on bitcoin miners, leading many of them to cease operations.
CNN said that thousands of homes and businesses in the United States were without power during the holiday weekend due to an Arctic blast and winter storm that knocked down power lines with winds and heavy snow and lowered temperatures to dangerously low levels, killing at least 22 people.
The hash rate — a measurement of the amount of computer power utilized to process transactions — dropped considerably on the Bitcoin network, causing huge disruption. According to CoinMetrics statistics, the hash rate has decreased by more than 30% since Saturday, falling from 230 EH/s to 155 EH/s. After the National Weather Service issued a warning about the approaching Arctic blast, a large number of miners ceased operations.
Riot Blockchain announced the closure of its Rockdale, Texas, mining plant due to harsh weather conditions. Other miners had comparable roles. Recently declaring bankruptcy, Core Scientific said that it will “participate in various power curtailments to assist stabilize the electrical grid.” Core Scientific predicted on Twitter that Bitcoin output will decline over this period.
Neil Galloway, director of mining operations at Compass Mining, wrote on Twitter, “Please be prepared for some ups and downs this weekend as we cope with the winter storm.” Additionally, the company’s Texas locations were unavailable.
The weather event has presented bitcoin miners in the United States with a unique set of obstacles. They rely on access to steady energy to perform operations, and any protracted power outages have severe consequences for their capacity to undertake mining operations. The United States accounts for at least 37% of the worldwide Bitcoin hash rate, according to the Cambridge Centre for Alternative Finance.