Bitcoin mining hit by severe winter storm in US

MOSCOW / ISTANBUL

Bitcoin miners’ hash rate, which refers to the processing power needed to mine blocks of the cryptocurrency, fell 37% due to increased electricity demand caused by the cold weather in the US.

Bitinfocharts reported that the cold weather is affecting Bitcoin mining, dropping the processing power on the Bitcoin network by 37% on Jan. 25 versus Jan. 23.

Experts say Bitcoin miners are temporarily shutting down their processors to reduce the load on electricity grids already strained by the cold weather.

Meanwhile, the US is facing historic snowfall and extreme cold.

Snowfall exceeded 30 centimeters (11.8 inches), halting transportation and prompting schools to be closed due to heavy snow and icing in some areas of the US.

The US National Weather Service said over 200 million people are affected by dangerous icing in the southern states and by snowstorms in the northeastern states.