Bitcoin miners may see some relief in profits as a North American heatwave threatens their operations

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Thanks to heatwaves in North America Bitcoin miners may start to see significant growth their revenues. These extreme weather conditions are also expected to have a significant impact Bitcoin hash rate.

Bitcoin miners see increased profits thanks to lower competition

Bitcoin miners profits are expected to augment as many will have to close or chilly their operations due to the extreme heat that typically occurs in North America during the summer. It is known that the United States (USA) is home to the majority Bitcoin minersand data from the University of Cambridge shows that approximately 37% of Bitcoin mining takes place in the US.

This development is significant considering that Bitcoin miners were already facing a reduction in profits, largely thanks to event by half, which cut mining rewards in half. Bloomberg reported that as a result of the halving, these miners could lose up to $10 billion in revenues. Therefore, the reduction in the number of miners during this period will undoubtedly be a relief for the remaining miners, who see a chance to make up for some of the expected losses.

These miners have also faced increased competition, which is evident in Bitcoin’s hash rate, or computing power, which has increased rapidly throughout the year, reaching an all-time high (ATH) of 835.86 EH/s, according to data from CoinWarz.

Block software analysts attention was also paid to the impact of summer heat Bitcoin miners, saying that thermal mitigation is the “number one” operational challenge facing miners. The application-specific integrated circuit (ASIC), a device used by miners in mining, is said to be capable of reaching “very high temperatures” without adequate cooling measures.

This situation tends to worsen during the summer months, and Blockware notes that many miners have to do this limit your activities partly due to overheating. Residential energy apply also reaches high levels during the summer months, enough to “trigger demand response clauses in miners’ power purchase agreements.”

BTC will face a decline in hashrate

Bitcoin hash rate it is also expected to decline significantly due to the extreme heat wave in the US. Block software noted that hash rates have plateaued or declined over the past two years during the North American summer months as miners reduce their resources mining activities.

Bitcoin 2

Blockware analysts predict another “summer of flat hash rate/difficulty growth” thanks to heat constraints and continued miners’ capitulation due to “limited profit margins” from event by half. Indeed, Bitcoin’s hash rate has been degenerating for some time and currently stands at 624.63 EH/s.

Bitcoin Hashrate
Source: CoinWarz

Bitcoin is currently trading at around $65,400 as of this writing, down over the last 24 hours. data from CoinMarketCap.

Bitcoin price chart from
BTC price remains at $65,000 | Source: BTCUSD on

Featured image created with Dall.E, chart from


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