A group of crypto mining companies in the USA started to take measures to survive the harsh winter processes.
Challenging processes continue in the crypto industry. Intense pressures from the global economy, economic moves of countries and bankruptcies in the crypto sector left their mark on the year. Many crypto companies have filed for bankruptcy, citing tough conditions. On the other hand, crypto miners began to look for ways to survive. Compute North, one of the largest crypto mining companies, has declared bankruptcy and ceased its services. After all these processes, the harsh winter conditions in the USA also caught up with crypto miners.
US-Based Crypto Miners Trying to Adapt to Winter Conditions
Crypto mining companies are trying to adapt to the harsh winter conditions and power outages that may occur in the USA. Intensifying weather conditions, especially in the winter months, affected crypto miners mining with energy resources.
Neil Galloway, Director of Mining Operations at Compass Mining, underlined that they are dealing with the winter storm in his post on Twitter. Galloway wanted to be prepared for volatile market conditions. Also, Galloway announced that crypto mining facilities in Texas are offline.
On the other hand, Riot Blockchain announced that it is closing its Rockdale facility in Texas due to the extreme weather conditions. Core Scientific, which filed for bankruptcy in the past few days, stated that it will keep up with the power cuts in order to adapt to the harsh winter conditions.
Crypto mining companies expect Bitcoin production to drop during the harsh winter in the US.
23748
