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Bitcoin

While weather events rarely move crypto prices, extreme temperatures can strain energy grids, potentially affecting electricity costs for miners. However, the UK is not a major mining hub, so the effect is negligible. More broadly, this event underscores the growing frequency of climate anomalies, which could eventually influence regulatory attitudes toward energy-intensive proof-of-work mining.

The UK is experiencing a heatwave with temperatures forecast to reach 34C, marking the hottest May day on record.

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While weather can influence energy demand and costs for proof-of-work mining in regions with high electricity sensitivity, the UK's share of global Bitcoin hash rate is negligible (<1%). The event is purely meteorological and does not alter any fundamental crypto market driver.

A shift from northerly to southerly winds will bring warmer weather across the UK next week after a cold snap.