HomePress CoverageWinter Storm Elliot Disrupts North American Bitcoin Mining Industry

Winter Storm Elliot Disrupts North American Bitcoin Mining Industry

A strong storm swept across North America over the weekend, causing Bitcoin BTC/USD Miners being shut down in the United States.

Data from BTC.com shows that between December 21st and 24th, the Bitcoin mining hashrate — a measure of processing power on the blockchain — decreased by about 100 exahashes per second (EH/s), or 40%, to 156 EH/s.

By December 25, it had returned to an average of 250 EH/s.

Truncation is a technique promoted as a way for miners to support power grids.

When demand from other sources is high, such as During periods such as winter storms, electric utilities can shut down due to constant demand from miners while still making enough money to cover costs.

An arctic storm that affected the US and Canada sent temperatures as low as minus 50 degrees in western Montana and as much as 43 inches of snow in western New York, the authorities said BBC.

CNN reported The storm has claimed at least 37 lives.

Also read: Trump Cards: Why the crypto world needs to stand up and take notice

Foundry USA suffers largest loss

The largest mining pool in the US, Foundry United Statessuffered the largest loss of any major pool on Dec. 23 when it reportedly lost more than half of its hashrate Data from the information platform Mining Pool Stats.

Some of the largest American miners reduced production, including Riot Blockchain REVOLT and scientific core CORZwhich is taking place Chapter 11 Bankruptcy Proceedings.

According to a LinkedIn post Office from Lee Bratcherthe founder and president of Texas Blockchain Council99% of the industrial bitcoin mining load in Texas was shut down at 6 a.m. Saturday.

The miners’ restriction is proof that they support the power grid Dennis Portera sector advocate through the non-profit Satoshi Action Fund.

A Europe-based miner named Denis Russinovich tweeted that the sharp decline in computing power is “another indication that Bitcoin’s geographic heterogeneity…

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