US winter storm cuts Bitcoin hashrate, slows block production

A severe US winter storm forced major Bitcoin mining pools to cut hashrate by up to 60%, slowing block production and exposing the sector’s vulnerability to extreme weather.

A severe winter storm, named Fern, has swept across the United States, causing major disruptions to Bitcoin mining operations. Leading mining pools, such as Foundry USA and Luxor, have significantly reduced their hashrate in response to the extreme cold and increased pressure on the power grid. Foundry USA, the largest Bitcoin mining pool, experienced a hashrate drop of about 60%, losing nearly 200 exahashes per second (EH/s) since Friday. This reduction temporarily slowed block production to 12 minutes. Luxor's hashrate also declined, falling from around 45 EH/s to 26 EH/s, while Antpool and Binance Pool saw smaller decreases. The widespread decline in hashrate is directly linked to the Arctic freeze, which drove up heating demand and led to power conservation measures. Despite these reductions, Foundry USA still holds a significant share of the global hashrate, accounting for about 22-23%. This event underscores the vulnerability of Bitcoin mining infrastructure to extreme weather and highlights the complex relationship between digital networks and real-world energy systems.