Foundry USA, a prominent digital asset advisory firm, has reduced its Bitcoin mining hashrate by approximately 60%, equating to a loss of nearly 200 exahashes per second (EH/s), due to the severe impacts of winter storm Fern. As a result, the company now operates with around 198 EH/s, representing 23% of the global Bitcoin mining pool, according to data from Hashrate Index.
The ongoing storm, which is affecting extensive regions of the United States, has caused temporary delays in block production, with current times extending to around 12 minutes. Other mining pools in the US, such as Luxor, are also adjusting their operations to manage energy consumption and alleviate stress on the electrical grid.
This winter storm is forecasted to span roughly 1,800 miles, bringing a combination of snow, ice, and freezing rain across the Southeastern US, Northeast, and parts of the Midwest. The storm has already led to widespread power outages impacting over 1 million residents, highlighting the strain on energy infrastructure during such severe weather conditions.