US Winter Storm Causes Bitcoin Hashrate Decline
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2h ago- Hashrate Plunge: The recent winter storm in the US caused FoundryUSA's hashrate to drop by approximately 60%, with Luxor experiencing a similar decline, highlighting the vulnerability of Bitcoin mining infrastructure to extreme weather conditions.
- Block Production Delay: The storm led to a slowdown in Bitcoin block production, extending the average block time to 12 minutes, which may impact miner revenues and network security, prompting companies to seek greater resilience.
- Increased Market Dependency: With the US accounting for about 38% of the global Bitcoin hashrate, this incident further deepens the market's reliance on weather-stable operations, with experts anticipating potential regulatory and financial repercussions.
- Resilience Strategy Evaluation: This event mirrors the 2021 Winter Storm Uri in Texas, and experts suggest miners use this opportunity to evaluate their resilience strategies, emphasizing the importance of leveraging renewable energy and automated systems to enhance operational continuity during future weather disturbances.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
