Bitcoin miners in the US have capitalized on severe winter weather by selling surplus power back to the grid, earning up to 150% more than mining. As power grids faced stress, miners like Omnes sold energy at 20 cents per kilowatt-hour, compared to the 8 cents earned from mining, resulting in significant profits. This strategy led to a rally in Bitcoin mining stocks, with TeraWulf and Iren shares rising 15% and 18%, respectively.
The shift in operations caused the Bitcoin network's hashrate to drop to a seven-month low of 663 exahashes per second, a 40% decrease in two days. Major miners like CleanSpark and Marathon Digital saw substantial reductions in Bitcoin output. However, those who continued mining benefited from reduced competition, as the Bitcoin hashprice index increased to $0.04 per terahash daily. Miners with power plant ownership and utility deals are best positioned to profit, diversifying into AI and high-performance computing for additional revenue streams.
Bitcoin Miners Profit by Selling Power Amid US Winter Storm
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