Hashrate fell sharply as Bitcoin miners curtailed operations during extreme winter conditions in the US, boosting profitability for companies that stayed online.
Bitcoin mining stocks saw a significant bump on Wednesday after the US winter storm forced some companies to wind down operations, leading to lower block competition and more profitable mining operations.
Shares of several major mining companies posted double-digit gains over the past 24 hours. TeraWulf rose about 11%, Iren Limited gained 14% and Cipher Mining climbed about 13%, according to data from Barchart.
The rally occurred days after the Bitcoin network’s hashrate sank to a seven-month low of 663 exahashes per second (EH/s) on Sunday, a 40% drop in two days due to a severe winter storm battering the US.
