US EditionHow Winter Storm Fern Slowed Down the Bitcoin Network
Bitcoin miners in the U.S. reduced power use by about 50% during Winter Storm Fern to help balance the grid, causing slower Bitcoin block production, according to Luxor and network data.
- This past weekend, BitInfoCharts recorded the Bitcoin network hashrate fall from just over 1,000 exahashes on Friday to around 687 on Sunday as miners shut off amid Winter Storm Fern, while Foundry USA and Luxor saw massive declines.
- Because bitcoin mining is uniquely controllable, bitcoin miners powered down instantly during Winter Storm Fern, using curtailment to sell power back to the grid, a practice ERCOT praises for balancing supply and demand.
- As a result, blocks of Bitcoin transactions were mined more slowly than the one every ten minutes target during the hashrate drop, with the network waiting for the difficulty adjustment algorithm roughly every two weeks.
- Luxor reported that users curtailed around 50% of power use amid surging prices, while a Wood Mackenzie report found mining raised electricity bills for non-mining customers in Texas by 4.7%.
- Notably, some hobbyists are repurposing miners for heat while startups use mining for heating, and Riot Platforms argues miners lower off-peak prices, though critics dispute Bitcoin’s energy usefulness.
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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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