North American Harsh Weather Has Impact On Binance Cloud Mining

Key Points:

• Binance cloud mining services were unavailable from Dec. 24-26 due to the severe winter storm in North America.
• On Binance’s cloud, hashrates must be purchased through subscriptions to mine Bitcoin.
• Texas miners’ decision has caused a 30% slowdown in Bitcoin transactions worldwide. Along with New York, Kentucky, and Georgia, Texas is one of the most active Bitcoin mining states in the United States.

According to a Dec. 28 official notice, Binance cloud mining services were unavailable from Dec. 24-26 due to the severe winter storm in North America. The business declared that the power outage extended consumers’ subscriptions to cloud mining products for three days.

Further weather-related failures, according to Binance, will cause cloud mining subscriptions to expire sooner.

Users without mining equipment can now receive mining rewards from Binance Pool thanks to the exchange’s cloud mining service, which was just about one month old. On Binance cloud, hashrates must be purchased through subscriptions to mine Bitcoin.

A “bomb cyclone” unleashed high temperatures in the days before Christmas, rendering millions of Americans without electricity and taking hundreds of lives.

Due to the cold weather in Texas, bitcoin miners voluntarily reduced their output and returned power to the grid so that locals could keep their houses warm. Bitcoin’s hash rate was damaged by disruptions, falling to 170.60 Exahashes per second (EH/s) on December 25 from a more typical rate of between 225 and 300 EH/s.

The Texas miners’ decision has caused a 30% slowdown in Bitcoin transactions worldwide. Along with New York, Kentucky, and Georgia, Texas is one of the most active Bitcoin mining states in the United States. The bomb cyclone recently had an impact on all states.

Since FTX’s demise in November, Binance has been the target of FUD, which has led to withdrawals amounting to billions of dollars. The cryptocurrency exchange has kept diversifying its business strategy while fending off rumors. The business also disclosed last month that Binance Labs, its venture capital division, has invested in the Belgian hardware wallet company Ngrave and will manage its Series A investment round.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News