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Winter Storm Slows Bitcoin Mining in US
(MENAFN) Bitcoin miners’ hash rate, which represents the computational power necessary to mine blocks of the cryptocurrency, dropped by 37% due to rising electricity demand caused by the frigid weather in the United States.
Bitinfocharts noted that the chilly conditions are impacting Bitcoin mining, leading to a 37% reduction in the Bitcoin network’s processing power on Jan. 25 compared to Jan. 23.
Analysts indicate that Bitcoin miners are temporarily powering down their processors to ease the strain on electricity grids already pressured by the cold spell.
At the same time, the US is enduring record-breaking snowfall and extreme cold temperatures. Snow accumulation surpassed 30 centimeters (11.8 inches), disrupting travel and forcing school closures in several regions due to heavy snow and icy conditions.
The US National Weather Service reported that over 200 million people are experiencing hazardous icing in southern states and snowstorms in northeastern states.
Bitinfocharts noted that the chilly conditions are impacting Bitcoin mining, leading to a 37% reduction in the Bitcoin network’s processing power on Jan. 25 compared to Jan. 23.
Analysts indicate that Bitcoin miners are temporarily powering down their processors to ease the strain on electricity grids already pressured by the cold spell.
At the same time, the US is enduring record-breaking snowfall and extreme cold temperatures. Snow accumulation surpassed 30 centimeters (11.8 inches), disrupting travel and forcing school closures in several regions due to heavy snow and icy conditions.
The US National Weather Service reported that over 200 million people are experiencing hazardous icing in southern states and snowstorms in northeastern states.
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