Bitcoin (BTC) mining hashrate declines as winter storm with heavy snowfall spreads across the U.S.
JH Kim
Summary
- It reported that the spread of a winter storm across the U.S. is reducing the hashrate of local Bitcoin mining companies.
- It said grid disruptions at some mining facilities and reduced power usage have lowered mining rig utilization, lengthening Bitcoin block times and pushing down the overall hashrate.
- The outlet explained that this hashrate decline is likely a short-term phenomenon stemming from weather issues, rather than a structural change.
According to Decrypt, a U.S. crypto-focused media outlet, a winter storm accompanied by heavy snowfall is spreading across the United States, reducing the hashrate of local Bitcoin (BTC) mining companies.
The outlet reported that worsening weather conditions have caused grid disruptions at some mining facilities in the U.S., prompting miners to cut power consumption and lowering mining rig utilization.
As a result, block times across the Bitcoin network have lengthened, and the overall hashrate appears to be showing a temporary decline.
The outlet said the drop in hashrate is more likely a short-term phenomenon driven by weather issues than a structural change.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
