Due to the power outage, users' subscriptions to cloud mining products have been delayed by three days.
How can Weather impact cryptocurrency?
According to a Dec. 28 official notice (1), Binance's cloud mining services were unavailable from Dec. 24-26 due to the severe winter storm in North America. The business declared that the power outage extended consumers' subscriptions to cloud mining products for three days. Other weather-related failures, according to Binance, will cause cloud mining subscriptions to expire sooner. Users without mining equipment may now receive mining rewards from Binance Pool thanks to the exchange's cloud mining service, which was just around one month old. Hashrates and Bitcoin must be purchased through subscriptions. Cloud mining for Binance.
The effect on hash rates
A " cyclone bomb" unleashed high temperatures in the days before Christmas, rendering millions of Americans without electricity and taking hundreds of lives. Due to the cold weather in Texas, bitcoin miners voluntarily reduced their output and returned electricity to the grid so locals could keep their houses warm. Bitcoin's hash rate was damaged by disruptions, falling to 170.60 Exahashes per second (EH/s) on December 25 from a more regular rate of between 225 and 300 EH/s,
The Texas miners' decision has caused a global 30% slowdown in Bitcoin transactions. Along with New York, Kentucky, and Georgia, Texas is one of the most active Bitcoin mining states in the United States. The bomb affected all 50 states. Recently, there was a cyclone. 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 broadening its business strategy while fending off suspicions. The business also said last month that Binance Labs, its venture capital division, had invested in the Belgian hardware wallet firm Ngrave and will manage its investment round. (2)
