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US Winter Storm Impacts Bitcoin Mining Network
A severe winter storm has forced Bitcoin miners in the United States to scale back their operations, leading to a significant drop in the Bitcoin hashrate, production, and miner margins. According to CryptoQuant, the total network hashrate has decreased by approximately 12% since November 11, marking the largest decline since 2021, when the network was recovering from China's mining ban.
Daily revenues from Bitcoin mining plummeted from around $45 million to a yearly low of $28 million within just two days, while the production of major publicly traded miners fell from 77 Bitcoins per day to 28. This disruption highlights the severe impact of the storm on mining operations.
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"The Miner Profit and Loss Sustainability Index from CryptoQuant has dropped to 21, the lowest level since November 2024, indicating that many miners are under significant financial pressure despite recent difficulty reductions."
In summary, the winter storm has caused a notable decline in Bitcoin mining activity, with revenues and production levels hitting their lowest points in months.
Bitcoin Hashrate Drops 12% in Worst Drawdown Since China Mining Ban
The Bitcoin hashrate has experienced a significant drop of 12%, the worst decline since the mining ban in China, as reported by CoinDesk. The storm has led to major miners temporarily shutting down operations to protect infrastructure and comply with network restrictions, exacerbating an already cooling trend in the market.
As a result, the hashrate currently stands at approximately 970 exahashes per second, the lowest level since September 2025. The economic viability of mining has also been affected, with daily revenues falling sharply and production numbers reflecting a substantial decrease.
| Metric | Value |
|---|---|
| Daily Revenue (Jan 22) | $45 million |
| Daily Revenue (Jan 24) | $28 million |
| Production of Major Miners (per day) | 77 Bitcoins |
| Production of Major Miners (current) | 28 Bitcoins |
In conclusion, the recent winter storm has led to a significant downturn in Bitcoin mining, with both revenue and production suffering considerable declines.
Bitcoin Miners Earn Millions by Shutting Down During Massive US Winter Storm
Bitcoin miners have been able to earn millions by shutting down operations during a massive winter storm in the US, as reported by MEXC. The hashrate saw a dramatic decline of 40% between January 23 and January 25, with approximately 455 EH/s going offline, causing block production to slow to about 12 minutes.
This situation has highlighted the flexibility of miners as they can reduce power consumption during peak demand periods, effectively acting as a pressure relief valve for the grid. The economic model for miners has evolved, allowing them to profit from reducing their energy consumption during times of high demand.
"In Texas, this choice has developed into a full-fledged business model, with ERCOT creating mechanisms for 'large flexible customers' to reduce load during peak times."
In summary, the ability of Bitcoin miners to shut down operations during extreme weather has proven to be a profitable strategy, showcasing their role as flexible energy consumers in the grid.
IREN Stock Falls 5.2% After Shift from Bitcoin Mining to AI Data Centers
IREN has seen its stock fall by 5.2% following the company's accelerated shift from Bitcoin mining to AI-focused data center services, supported by a long-term agreement with Microsoft worth $9.7 billion. This transition positions IREN as a key player in AI infrastructure rather than just a cryptocurrency miner.
Despite the recent volatility in stock prices, the partnership with Microsoft and the growing demand for high-performance computing are reshaping IREN's investment narrative. However, the company faces risks associated with its previous Bitcoin mining operations and the competitive landscape for GPUs and energy.
In conclusion, IREN's strategic pivot towards AI infrastructure, backed by significant investment, reflects a broader trend in the industry, although it comes with inherent risks and challenges.
Sources:
- US-Wintersturm belastet Bitcoin-Mining-Netzwerk, findet Cryptoquant heraus
- Bitcoin-Nachrichten: BTC-Hashrate fällt um 12 % im schlimmsten Rückgang seit dem Bergbauverbot in China
- Bitcoin-Miner verdienen Millionen, indem sie wegen eines massiven US-Wintersturms abschalten
- IREN (IREN) fällt um 5,2 % nach der von Microsoft unterstützten Umstellung von Bitcoin-Mining auf KI-Rechenzentren - Was hat sich geändert?
