By
Temitope Olatunji
April 26th, 2024
Following the severe storms across the US that led to power interruption, Binance will extend its users’ subscriptions to cloud mining products for three days. In case a power outage takes place again, another extension will be done.
Yesterday, cryptocurrency exchange platform Binance reported that from December 24 to December 26, its cloud mining products experienced issues as a result of a power interruption caused by severe storms in North America.
Binance Cloud Mining
According to the announcement released by Binance, the company decided to extend its users’ subscriptions to cloud mining products for three days. In case a power outage takes place again, another extension will be done. The average online rate will be counted based on the contracts customers have purchased.
Further, Binance noted that those without access to mining equipment can still earn mining rewards from the Binance Pool, thanks to Binance Cloud Mining. Hashrates are available for purchase from the cloud mining goods, and users can then start earning rewards in their funding wallet.
Binance launched its Cloud Mining service in November of this year. The service enables users to earn mining rewards from Binance’s cryptocurrency mining pool without having to purchase, set up, or run mining equipment. You just have to pay for mining power (hash rate) and electricity via Binance Cloud Mining’s products, and the mining rewards you earn are sent to you daily. In addition, Binance Cloud Mining allows eligible miners to take a loan at an interest rate of between 5-10 percent and repay it in an 18 to 24-month term. Both physical and digital assets are accepted to process a loan.
Extreme Winter Affects BTC Mining
Last week was historically the coldest Christmas week the United States and Canada had ever experienced. A severe storm of below-freezing temperatures extended more than 2,000 miles from Texas to Quebec and affected as many as 250 million people. In Buffalo, New York, dozens of Americans died as a result of a winter storm that brought more than 40 inches of snow to some areas. On Monday, about 25,700 customers were without power in New York and Maine. Jackson, Mississippi, issued a boil water notice on Sunday after its water system lost pressure due to line breaks caused by the weather.
In Texas, extreme weather also affected Bitcoin (BTC) mining as the complete hash rate fell from 252.98 EH/s on December 21 to 156.36 EH/s on December 24, which has been the biggest drop since the beginning of June. Bitcoin miners voluntarily reduced operations to feed power back into the grid and allow the state’s residents to keep their homes warm.
Bitcoin enthusiast Dennis Porter shared the news on his Twitter.
Bitcoin miners have once again voluntarily shut off power during an extreme weather event in Texas.
Bitcoin miners are good for the grid. pic.twitter.com/kpCzkZVeRM
— Dennis Porter (@Dennis_Porter_) December 24, 2022
Among the companies that curtailed their mining operations in the region are Core Scientific, Riot Blockchain, Lancium, and more.
As Texas is one of the top regions for BTC mining, miners’ decisions affected Bitcoin transactions worldwide, as they have slowed by 30%.