Binance’s Cloud Mining Hit by Extreme Weather in North America

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

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

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

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

Due to the cold weather in Texas, bitcoin miners decided to voluntarily reduce their output and return power to the grid so that locals could keep their homes warm. Bitcoin’s hash rate was impacted 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, according to Cointelegraph.

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 model 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 funding round.