Top Bitcoin mining stocks rise amid US winter storm hashrate decline
Hashrate drops due to extreme winter weather
Bitcoin mining operations in the United States were significantly curtailed during the winter storm, leading to a sharp decline in hashrate. The extreme cold caused power grid stress, prompting many mining pools to reduce or suspend operations.
Key mining pools report significant hashrate reductions
- Foundry USA, one of the world’s largest Bitcoin mining pools, saw its hashrate fall by around 60% at the height of the storm.
- At its lowest point, Foundry’s hashrate dropped from nearly 340 EH/s to around 242 EH/s.
- Foundry’s 3-day average market share has fallen to 21.95% with its hashrate at just 185.9 EH/s.
Impact on mining stocks and market performance
As mining operations slowed, profitability increased for companies that remained operational. This shift contributed to a rise in the stock prices of top Bitcoin mining firms.
KBW analyst Stephen Glagola downgraded several companies, including Bitfarms (BITF), Bitdeer (BTDR), and HIVE (HIVE), reflecting market concerns over operational risks and financial performance.
Broader implications for cryptocurrency and power grids
Bitcoin miners may play a role in stabilizing US power grids during severe winter weather, as their operations can help balance energy demand. This potential synergy between cryptocurrency and energy infrastructure is being explored by industry analysts.
來源：https://cointelegraph.com/news/top-bitcoin-mining-stocks-soar-us-winter-hashrate-decline