Binance Cloud Mining Affected by Severe North American Weather

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The severe winter storm in North America shut down Binance’s cloud mining products between December 24 and 26, according to an official announcement on December 28. Following the power outage, the company announced that user subscriptions to cloud mining products were cancelled. extended for three days.

Binance noted that further outages due to weather conditions will extend the duration of cloud mining subscriptions.

The exchange’s cloud mining service, launched nearly a month ago, allows users without mining equipment to earn mining rewards from Binance Pool. Subscriptions are required to purchase hashrates and Bitcoin mining on Binance’s cloud.

In the days leading up to Christmas, a “bomb cyclone” unleashed extreme temperatures across the United States, leaving millions without power and killing dozens nationwide.

Related: Microsoft bans cryptocurrency mining on cloud services

Weather conditions in Texas have prompted Bitcoin miners to voluntarily halt operations to restore power to the grid, allowing residents to keep their homes warm. The disruptions impacted Bitcoin’s hash rate, which typically hovers between 225 and 300 Exahashes per second (EH/s) on a typical day, hitting 170.60 EH/s on Dec. 25, reported. Cointelegraph.

Bitcoin transactions around the world have been slowed by 30% following the decision by Texas miners. Texas is one of the best states for Bitcoin mining in the United States, along with New York, Kentucky, and Georgia. All states have been hit by the bomb cyclone in recent days.

Since the collapse of FTX in November 2022, Binance has been shrouded in fear, uncertainty, and doubt (FUD), resulting in billions of dollars in withdrawals. While fighting rumours, the crypto exchange continued to work on diversifying its business model. Last month, the company also announced that its venture capital arm, Binance Labs, had invested in Belgian hardware wallet company Ngrave and would lead its Series A funding round.

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