The heat wave, which affected all over the world, also caused Bitcoin miners to be negatively affected.
According to Bloomberg’s report, due to the extreme heat wave in Texas, it has become very difficult to operate Bitcoin mining devices. The processing power required to run the machines has dropped to its lowest levels since the Chinese government banned cryptocurrency mining in May 2021.
After the bans of China, Texas has become one of the most important centers for crypto mining.
However, mining operations have been hit hard by the heatwave. Depreciation rates have increased significantly as the extreme heat in Texas damaged the chips of mining equipment.
Due to the decrease in mining power, Bitcoin mining difficulty has also decreased. Difficulty has decreased by 5% in the last two weeks.
