In a significant development for the cryptocurrency mining sector, Foundry USA, the largest Bitcoin mining pool globally, has announced a drastic reduction in its hashrate due to a severe winter storm affecting the United States. According to the official information, this reduction could have notable implications for the overall Bitcoin network performance.
Hashrate Plummets
The hashrate has plummeted by approximately 60%, translating to a decrease of nearly 200 exahashes per second since Friday. This reduction has resulted in a slowdown in Bitcoin block production, with the average time to mine a block now extending to 12 minutes.
Impact of Winter Storm Fern
The impact of the winter storm, named Fern, is not limited to Foundry USA alone; other mining pools across the US are also feeling the effects. Miners are adjusting their energy consumption in response to the storm to help alleviate the strain on the electrical grid, which is experiencing widespread power outages.
Concerns About Mining Infrastructure
Fern is projected to stretch approximately 1,800 miles across the country, causing significant disruptions and raising concerns about the resilience of the mining infrastructure during extreme weather events.
In light of the recent challenges faced by Foundry USA due to severe weather, Cango Inc. has previously highlighted its strategic growth in Bitcoin mining under CEO Peng Yu. For more details, see read more.
