Bitcoin Miners Cut Power the Most Since China Ban Amid Heat Wave
- Mining difficulty falls 5%, the biggest drop since 2021
- Texas has become one of the largest mining hubs in the country
Mining units a bitcoin mining facility in Fort Stockton, Texas.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Bitcoin miners saw the biggest drop in computing power since China banned crypto mining last May due to a record heatwave in Texas.
A leading indicator of closures, Bitcoin mining difficulty, has plunged 5% -- the largest drop over a two-week period since Chinese operators were forced to unplug millions of machines due to a sweeping mining ban by the central government. Bitcoin mining difficulty measures how hard a miner has to work to mint a limited supply of coins. In May 2021, Bitcoin mining difficulty fell nearly 16% and remained down for two straight months.