US Winter Storm Slows Bitcoin Miner Production, Data Shows

New data paints a clearer picture of how January's US winter storm disrupted US Bitcoin (CRYPTO: BTC) mining operations, revealing a sharp downturn in daily production across publicly traded operators. The storm underscored the sector’s tether to energy-market dynamics, as grid stress, snow, ice and subfreezing temperatures prompted strategic curtailments. CryptoQuant data, shared by head of research Julio Moreno, shows a stark shift: production that had hovered around 70–90 BTC per day in the weeks prior to the event slid to roughly 30–40 BTC per day at the peak disruption. As conditions improved, production gradually recovered, suggesting the downturn was largely temporary and voluntary. The episode highlights how weather events can translate into meaningful operational and financial pressures for mining firms.

Key takeaways

• Daily production among publicly traded miners fell from the pre-storm range of about 70–90 BTC to roughly 30–40 BTC at the height of the disruption, according to CryptoQuant data.


• The decline appears to reflect temporary, voluntary curtailments tied to grid stress and adverse weather, with signs of recovery as conditions improved.


• The miners tracked by CryptoQuant include Core Scientific (CORZ), Bitfarms (BITF), CleanSpark (CLSK), MARA Holdings (MARA), Iris Energy (IREN) and Canaan (CAN); major US operators cited include Core Scientific, CleanSpark, Marathon (MARA), Riot Platforms (RIOT), TeraWulf (TWLF) and Cipher Mining (CIF).


• The episode compounds a difficult operating environment for miners, where thinning margins, rising energy costs and a shift toward AI/HPC revenue streams are shaping strategic decisions.


• Ultimately, the disruption illustrates mining’s sensitivity to energy-market conditions and weather-driven grid constraints, with potential implications for hashrate and equity valuations in the sector.

Tickers mentioned: $CORZ, $BITF, $CLSK, $MARA, $IREN, $CAN, $RIOT, $TWLF, $CIF

Market context: The January event occurs against a backdrop of volatile energy markets, fluctuating Bitcoin prices and ongoing questions about miners’ profitability. As operators balance demand-response capabilities with the need to maintain cash flow, the sector remains exposed to weather, grid reliability and regulatory signals that could influence energy pricing and access to power.

Why it matters

For investors, the storm underscores the fragility of mining operations to weather-related outages and energy-price swings, even as the sector showcases a potential for grid services through load management. The episode comes amid a broader context of a marginal-tight environment where post-halving revenue pressures and elevated energy costs have compresssed margins for many operators.

For builders and operators, the episode reinforces the importance of diversification in energy arrangements and revenue streams. A growing emphasis on AI and high-performance computing as alternative or supplementary revenue avenues could alter capex allocation, site selection and technology decisions as miners seek resilience against cyclical downturns and weather shocks.

For the broader crypto market, the incident serves as a reminder that mining activity remains a visible proxy for regional energy liquidity and industrial energy demand. Shifts in hashrate, even temporary ones, can influence market sentiment, capital flows and the perceived health of the sector as it contends with macro volatility and evolving energy policies.

What to watch next

• February–March production data from CryptoQuant to determine whether output returns to pre-storm levels.


• Any updates from miners on curtailment policies, grid-demand programs or changes in energy contracts.


• Has rate and stock movements for major miners such as RIOT, MARA and CAN as weather patterns and price cycles unfold.


• Regulatory or policy developments affecting energy pricing, demand-side management or crypto mining in key jurisdictions.


• Signals around 2026 profitability, consolidation and the adoption of AI/HPC strategies as alternative revenue streams settle into corporate plans.

Sources & verification

• CryptoQuant daily production data cited by Julio Moreno showing a drop to roughly 30–40 BTC per day during peak disruption.


• Cointelegraph reporting on how the storm coincided with a decline in US Bitcoin hashrate and a rally in mining stocks.


• Cointelegraph article on Bitcoin hashrate temporarily dropping during the winter storm, providing contextual benchmarks.


• Cointelegraph coverage referencing Canaan’s role in the mining hardware ecosystem and its implications for operations.


• Cointelegraph analyses discussing 2026 outlooks for mining profitability, AI integration and sector consolidation.

Winter storm tests US Bitcoin miners: production dips and resilience

New data paints a clearer picture of how January’s winter storm disrupted US Bitcoin miners, revealing a sharp downturn in daily production across publicly traded operators. Bitcoin (CRYPTO: BTC) mining has long been tied to energy markets, and the storm underscored that linkage as grid stress and frigid weather forced curtailments. CryptoQuant data, cited by Julio Moreno, shows a marked shift: before the storm, daily production hovered around 70–90 BTC per day; at the peak disruption, output contracted to roughly 30–40 BTC per day. That contraction aligns with the broad electricity scarcity and grid constraints that characterize severe winter events in the United States.

The subsequent recovery, as temperatures rose and conditions improved, suggests the declines were largely temporary and voluntary—an adjustment miners can modulate in response to grid signals and energy price movements. The pattern also reflects the operational realities of a sector that has already absorbed higher energy costs and tightening margins over the past year. While one might interpret the drop as a sign of fragility, industry participants emphasize that many miners retain the ability to modulate power use to stabilize the grid and minimize waste during peak demand periods.

Publicly traded miners tracked by CryptoQuant include Core Scientific (CORZ), Bitfarms (BITF), CleanSpark (CLSK), MARA Holdings (MARA), Iris Energy (IREN) and Canaan (CAN). The broader US footprint includes operators such as Core Scientific, CleanSpark, Marathon, Riot Platforms (RIOT), TeraWulf (TWLF) and Cipher Mining (CIF), illustrating how widespread the storm’s effects were across the sector. These names reflect a landscape where facilities in varied climates and energy regimes faced similar pressure points, from subfreezing temperatures to grid stress and the associated risk premiums on energy procurement.

Earlier reporting noted that the storm coincided with a retreat in US hashrate and a rally in mining equities, a juxtaposition that highlighted the market’s sensitivity to the balance of risk and recovery potential. The latest production data adds granularity to that narrative, illustrating that much of the disruption came from voluntary curtailment choices rather than solely from weather-induced downtime. Some facilities reported grid constraints or penalties during peak cold snaps, while others were able to resume operations quickly as conditions eased, signaling a degree of operational resilience within the industry even as it faced an unusually intense weather event.

The disruption occurs amid a broader operating environment that has already tested miners’ margins. Since the post-halving period, miners have contended with lower Bitcoin prices, fluctuating network hashrate and rising energy costs—factors that compress profitability and alter investment calculus. In parallel, industry observers have pointed to a potential pivot toward AI and high-performance computing as a new revenue engine, a shift that could influence capex, siting decisions and long-term competitive dynamics. As 2026 approaches, many players are weighing how to balance traditional mining with these tech-forward opportunities while navigating ongoing energy-market volatility and regulatory developments.

To gauge the full impact of the storm, analysts will monitor shifting hashrate trends and the pace at which miners re-expand operations as grid conditions stabilize. A broader takeaway is that the mining sector remains highly sensitive to external shocks—weather extremes, energy-pricing fluctuations and policy shifts can reverberate through production metrics, stock valuations and strategic planning for the next cycle. Investors and operators alike will be watching closely for how the industry recalibrates in the wake of January’s disruption, and whether the lessons lead to deeper resilience through diversification and efficiency gains.

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