It appears even the digital gold rush is susceptible to the vagaries of the weather. Several American establishments dedicated to the rather curious pursuit of verifying cryptocurrency transactions have, rather inconveniently, found their operations curtailed due to a most vulgar display of meteorological activity. One shudders to think of the fuss.
An Arctic intrusion – imagine! – brought temperatures plummeting across a substantial portion of the United States, a land accustomed, one presumed, to a more congenial climate.
A Most Disagreeable Dip in Hashing Power
According to sources – TheMinerMag, naturally – two North American mining concerns collectively surrendered over 110 exahashes per second of computing power in late January 2026. A most lamentable state of affairs.
Foundry USA, that behemoth of the blockchain, experienced a particularly precipitous decline, falling from a boastful 340 EH/s to a more modest 242 EH/s. Luxury, it seems, is a thing of the past. Luxor also felt the pinch, its hashrate dwindling from 45 EH/s to a mere 26 EH/s. One suspects the shareholders are not amused. Others, though less conspicuously, suffered similar indignities.
“FoundryUSA has lost nearly 200 EH/s, or 60%, since Friday, resulting in rather sluggish block production – a dismal 12 minutes, can you fathom?” reports TheMinerMag. The impertinence of nature!
Even after this little hiccup, Foundry still wields a respectable 163.5 EH/s, a rather significant 22.59% of the entire Bitcoin network. Luxor, diminished but not defeated, holds onto about 3.01% with 21.9 EH/s. Still, a distinctly unimpressive showing.
This decline coincides, tragically, with a bone-chilling Arctic freeze. Snow, ice, and aggressive demands for central heating have pushed power grids to their limits, prompting pleas for conservation. One barely knows where to begin with the inconvenience.
The BBC, ever eager to report on human drama, notes that the blizzard has caused at least three fatalities and left hundreds of thousands without electricity. Schools and roads are inaccesible, flights are grounded, conditions are, in their words, “life-threatening”. One hopes they’ve all got a good book on hand.
Mr. Matthew Sigel of VanEck, that bastion of digital asset expertise, has suggested that Bitcoin miners might actually assist the beleaguered power grids. A rather novel thought.
“More than a million Americans are without power. Some Bitcoin miners, conveniently located, are structurally capable of reducing their load when power is at a premium. We await confirmation of actual curtailments, but the model has proven useful. It’s all rather clever, really.”
“Due to the present meteorological unpleasantness in the U.S., several mining operations have suffered power outages. Bitcoin’s hashrate dropped by roughly 30%, a decline of 260 EH/s. Approximately 1.3 million mining rigs have been silenced as they…” – Leon Lyu (@LeonLyuLv) January 26, 2026
This downturn occurs as miner reserves dwindle. CryptoQuant reveals that Bitcoin miner holdings reached their lowest level since 2010. A most discouraging sign, to be sure. Subdued prices and exorbitant energy costs are squeezing profits.
Bitfarms, in a distinctly modern development, is diverting funds towards artificial intelligence. A sensible move, perhaps, though a slightly ignominious retreat from the world of cryptocurrency. Electricity prices, it must be noted, are reaching alarming heights – 18.07 cents per kilowatt-hour as of September 2025, a 10.5% increase.
There is talk of a plan from Mr. Trump’s administration to add $15 billion in generating capacity, a rather ambitious undertaking. It may alleviate the situation, eventually. In the meantime, miners must seek affordable power and engage in demand response programs. A rather ignominious position to be in, really.
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2026-01-26 08:21