Bitcoin miners halt operations amid US storm, see profits surge up to 150%

Some Bitcoin miners in the United States have maximized their profits by selling electricity back to the grid instead of mining amid a powerful winter storm sweeping the country, DL News reported. An analysis indicates that selling power during periods of peak demand can yield margins up to 150% higher than those from mining. Scott Norris, chief mining officer at the Bitcoin hashrate tokenization firm Omnes, explained that miners could sell power to the grid for 20 cents per kWh, compared to earning eight cents from mining. This shift in operations caused the Bitcoin hashrate to fall to a seven-month low of 663 EH/s. Meanwhile, mining stocks have surged, with TeraWulf rising 15% and Iren gaining 18% over the past five days.