As a result, subscriptions to these products have been extended for three days. The company has stated that further outages caused by the weather may lead to additional subscription extensions.
Binance Cloud Mining Service
Binance's cloud mining service was launched in November and allows users without mining equipment to earn mining rewards through Binance Pool. Subscriptions are necessary to buy hash rates and engage in Bitcoin mining on Binance's cloud.
Impact on Bitcoin Mining and Transactions
The winter storm, referred to as a "bomb cyclone," caused extreme temperatures across the United States and resulted in widespread power outages. Bitcoin miners in Texas voluntarily curtailed operations to give power back to the grid and help keep residents warm.
This disruption impacted Bitcoin's hash rate, which dropped to 170.60 Exahashes per second (EH/s) on December 25, compared to the typical rate of 225-300 EH/s. As a result, Bitcoin transactions worldwide were slowed by 30%. Texas, along with New York, Kentucky, and Georgia, are among the top states for Bitcoin mining in the U.S. and were all affected by the bomb cyclone.
Binance Continues to Diversify amid FUD
Since the collapse of FTX in November, Binance has faced fear, uncertainty, and doubt (FUD) and has seen billions of dollars in withdrawals. Despite these challenges, the company has continued to work on diversifying its business model. In December, Binance's venture capital arm, Binance Labs, announced its investment in Belgian hardware wallet company Ngrave and its plan to lead its Series A funding round.
