Floods in China Destroy Bitcoin?

July 2, 2018

Recent floods in the Sichuan province of China have caused huge damages for the mining industry.

Ecns, official English division of the China News Service (CNS), reports, on June 27 and 28 the Sichuan and four other provinces saw heavy rains which resulted in floods.

A large mining farm was affected and had dozens of thousands of mining devices down.

It is so far unclear how exactly cryptocurrencies were mined with the devices and how many were lost.

The bulk of the mined bitcoins which is up to 70% comes from China. For instance, the Sichuan province was called the capital of Bitcoin mining due to cold weather conditions and cheap power.

Some news publications including Golden Finance saw some correlation between the floods in Sichuan and Bitcoin net hashrate fall. But as Blockchain.com data show, the hashrate actually increase from the 27th to 28th of June which means that the impact from the floods was not that significant to affect the whole network.

Bitcoin's hashrate

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