US Miners Power Down During Storm, Hash Rate Drops 40% – December 26

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,834

Bitcoin price has kicked off the week yet again with low volatility, as analysts predict larger moves are on their way to the market.

Top-20 altcoins have seen mixed performance over the last 24 hours, as Ethereum gains half a percent, BNB remains almost unchanged and Litecoin stand out with a 6% gain.

Top Stories for December 26, 2022 πŸ”₯

πŸ‘‰ US Miners Power Down During Storm, Hash Rate Drops 40%

A severe storm in North America caused Bitcoin miners in the US to power down, resulting in a 40% drop in the Bitcoin mining hashrate.

The practice of powering down, known as curtailment, is used by miners to support electricity grids by reducing demand during times of high demand, such as during storms.

The storm led to the deaths of at least 37 people. Major mining pools and companies curtailed operations during the storm.

πŸ‘‰ BTC Accumulation Approaches New Milestone

“HODL-only” Bitcoin addresses are approaching the 1 million mark, while the balance they contain is nearing record-highs.

The addresses, also referred to as “accumulation addresses” are defined as addresses that have at least 2 incoming (non-dust) transfers, and have never spent funds. Miner wallets are excluded from the statistic, as are addresses last active 7 or more years ago.

Accumulation addresses contained a total of 3,099,828 BTC as of Christmas day, in 793,591 addresses.

πŸ‘‰ BitKeep Crypto Wallets Compromised Via Unofficial Android App

BitKeep, a cryptocurrency wallet provider, has experienced a hack in which $8 million in assets were stolen. The hack appears to have occurred through unofficial downloads of the company’s APK package.

BitKeep has urged users to transfer their funds to a wallet downloaded from an official store and to create a new wallet address. The company has also advised users to keep their mnemonic phrases safe and has offered to assist affected users in finding a solution.