💥UK Miners in Danger💥

Many miners in the UK have turned off their equipment due to high electricity costs and high temperatures, and the situation is set to get even worse, potentially leading to a decline in the price of the main cryptocurrency.

Electricity bills in the UK could rise considerably as the cost of gas has risen, according to forecasts by the consultancy Cornwall Insight.

Starting October 1, the typical rate will rise by 9% to 1,714 pounds (about $2,200). The company expects a further increase in early 2025. In turn, the British energy regulator Ofgem will announce on August 23 the new maximum energy price, which represents the annual bill for a typical household.

European gas futures have risen more than 20% so far in 2024. Traders fear that supply could be curtailed at any time, Bloomberg notes.

"The lingering impact of the energy crisis has left us with a market that remains highly volatile and reacts quickly to any bad news on the supply front," notes Craig Lowrey, senior consultant at Cornwall.

The outlet adds that to make matters worse for British consumers, hundreds of thousands of pensioners will no longer receive a subsidy known as the Winter Fuel Payment, as under new rules only those on means-tested benefits will be able to claim it.

The UK has been one of the countries hardest hit by the energy crisis stemming from restrictions on energy resources from Russia imposed on Moscow by its special military operation. As of today, inflation in the country remains above the 2% target, while the British economy only managed 0.6% growth in the first quarter of 2024. #MarketDownturn