Bitcoin Miners Power Down US Operations in Wake of Winter Storm

The fallout from the arctic blast that swept across the US is prompting some large-scale Bitcoin mining companies to shutter parts of their energy-intensive operations as electricity costs surge.

A key measure of computing power to mint the token - known as the hash rate - has seen a steep decline, according to data compiled by Mining Pool Stats. That has been largely due to the output decreases in mining pools FoundryUSA and Luxor, which mostly serve US-based operators. The two pools saw drops as much as more than 50% in hash rate during the weekend and remain at relatively low levels as the effects of the winter storm continue to weigh on power grids.