According to a December 28 official announcement, Binance’s cloud mining services were unavailable from December 24-26 due to the severe winter storm in North America, as reported by Cointelegraph.
According to Cointelegraph, the business declared that users’ subscriptions to cloud mining products were extended for three days as a result of the power outage.
Further weather-related outages, according to Binance, will cause cloud mining subscriptions to expire sooner.
Users without mining equipment can now earn mining rewards from Binance Pool thanks to the exchange’s cloud mining service, which was just about one month old. On Binance’s cloud, hashrates must be purchased through subscriptions in order to mine Bitcoin.
Cointelegraph further noted that the Texas miners’ decision has caused a 30% slowdown in Bitcoin transactions worldwide. Along with New York, Kentucky, and Georgia, Texas is one of the most active Bitcoin mining states in the United States. The bomb cyclone recently had an impact on all states.
Since FTX’s demise in November, Binance has been the target of FUD, which has led to withdrawals amounting to billions of dollars. The cryptocurrency exchange has kept diversifying its business model while fending off rumours. The business also disclosed last month that Binance Labs, its venture capital division, has invested in the Belgian hardware wallet company Ngrave and will manage its Series A funding round.
(With insights from Cointelegraph)