US EditionHow Winter Storm Fern Slowed Down the Bitcoin Network
U.S. bitcoin miners cut power use by about 31% during Winter Storm Fern to ease grid stress and reduce outages, slowing Bitcoin block production, data shows.
- This past week, U.S. bitcoin miners shut off equipment during Winter Storm Fern, causing the Bitcoin network hashrate to drop from just over 1,000 exahashes/sec on Friday to around 687 on Sunday across New Mexico to New England.
- The National Weather Service warned on Jan. 24 that a strong Arctic air mass met Gulf of Mexico moisture and jet stream disturbances, producing freezing rain, sleet, and heavy snow.
- Because mining can be turned off instantly, operators like Luxor mining pool users curtailed around 50% of their power consumption while hobbyists and startups used miners for HVAC and water heating.
- Blocks were mined more slowly as hashrate dropped, with the Bitcoin protocol's difficulty adjustment briefly averaging a 12-minute block time despite slower block production than the target of one every ten minutes.
- Policy experience since Winter Storm Uri shows miners can help ERCOT balance supply by curtailing and selling power, but a Wood Mackenzie report found mining raised Texas bills 4.7%, though some miners dispute this.
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Bitcoin.com
Cryptocurrency News | Cryptocurrency Prices | Market CapMassive Bitcoin Difficulty Cut Looms After Hashrate Loses Nearly 250 EH/s
As an Arctic storm front batters multiple U.S. states, bitcoin mining activity across the country has pulled back sharply, with American-based operators scaling down operations to ease pressure on the power grid during a difficult stretch. As a result, Bitcoin’s network hashrate has declined notably, with current data placing total hashpower between 800 and 875 […]
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