Bitcoin Gains Spur Miners to Turn On Rigs in Midst of Heat Wave

A rise in the price of Bitcoin has prompted some miners of the cryptocurrency to switch on more rigs over the last two weeks even with much of the US still caught in a heat wave that boosted demand for electricity.

The mining difficulty rate, which indicates the amount of computing power of the banks of computers used to generate Bitcoin, rose by 1.7% in the last two-weeks, according to blockchain network data released Thursday. The previous bi-weekly adjustment rate dropped to its lowest since nearly a year ago as miners turned off rigs. Electricity is one of the biggest expenses for miners.