Aug 22, · Crypto mining farms in the Sichuan province are under threat from rising floodwaters, amid significant rainfall in southwest China, news outlet 8BTC reported.. Local sources report that while the flood damage this year has been less severe than , heavy rains have already affected several large-scale mining setups in the region, regarded as China’s ‘SegWitCoin (BTC) mining capital. Aug 21, · The heavy rainfalls in the region have lasted for days starting from August 18, which has led to massive floods and caused many casualties. Cryptocurrency mining farms concentrated there (Sichuan has been called a “Bitcoin mining capital” due to the high concentration of bitcoin mining operations in it) have also been heavily hit. Ever Wonder What A Bitcoin Mining Farm Flood Looks Like Here S Your Uk It Equipment Maker Plans Britain S Biggest Bitcoin Mining Farm Paraguay To Host The Development Of World S Largest Bitcoin Mining Largest Bitcoin Farm In Russia Earns Millions Of Dollars Each Month.
Bitcoin farm floodChina Floods Wipe Out Crypto Mining Farms, Bitcoin Hashrate Drops | CryptoSlate
The cumulative hashing power dedicated toward Bitcoin took a hit this week after extensive flooding of mining centers in Sichuan, China. Rumors that a huge flood in Sichuan took out a bunch of BTC mines pic. Chinese meteorological authorities released a public warning of heavy continuous rainfall earlier this week, predicting heavy economic losses.
Data released later in the week by the Chinese State Flood Control and Drought Relief Headquarters states that the flooding across Tuesday, June 26 and Wednesday, June 27 affected over 91, people in six cities. Images of the flood impact on Twitter demonstrate the extent of the damage as mining farm operators attempting to recover lost mining equipment:. The Sichuan region where the flooding occurred has been referred to as the Bitcoin mining capital of China, primarily due to abundant hydroelectric power and a cool climate.
The close proximity of mining operations to streams within the mountainous region, however, places mining farms at risk of flooding. The low cost of energy in China catalyzed a surge in mining activity over the last two years, with energy retailers and wholesalers participating in the crypto mining ecosystem. Cryptocurrency angel investor Chandler Guo commented on the rise of energy company-driven crypto mining in China during an interview with ether. Before that, we bought electricity from them to mine Bitcoin.
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