The severe winter storm in North America shut down Binance cloud mining products between December 24-26. according to to an official announcement on December 28. As a result of the power outage, the company announced that user subscriptions to cloud mining products were extended by three days.
Binance has noted that further outages as a result of weather conditions will extend the duration of cloud mining subscriptions.
The exchange's cloud mining service, launched almost a month ago, allows users without mining equipment to earn mining rewards from the Binance Pool. Subscriptions are required to buy Bitcoin hashrates and mining on the Binance cloud.
In the days leading up to Christmas, a "bomb cyclone" unleashed extreme temperatures across the United States, leaving millions without power and claiming dozens of lives across the country.
Related: Microsoft Bans Cryptocurrency Mining in Cloud Services
Weather conditions in Texas prompted Bitcoin miners to voluntarily scale down operations to return power to the grid, allowing residents to keep their homes warm. The outages have affected Bitcoin's hash rate, which typically hovers around 225-300 Exahashes per second (EH/s) on a typical day, hitting 170.60 EH/s on Dec. 25. Cointelegraph reported.
Bitcoin transactions around the world have slowed down by 30% as a result of the Texas miners' decision. Texas is among the top states for Bitcoin mining in the US, along with New York, Kentucky, and Georgia. All states were affected by the bomb cyclone in recent days.
Since the FTX crash in November 2022, Binance has been surrounded by Fear, Uncertainty, and Doubt (FUD), resulting in billions of dollars in withdrawals. While fighting rumors, the crypto exchange has continued to work to diversify its business model. Last month, the company also announced that its venture capital arm, Binance Labs, has invested in Belgian hardware wallet company Ngrave and will lead its Series A financing round.
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