Losses in Sichuan Province have failed to dent Bitcoin performance, in sharp contrast to 2018.
Bitcoin mining farm ‘devastated’
As various Twitter users reported on Aug. 20, the rainy season in China’s northwestern Sichuan province has spelled disaster for at least one Bitcoin mining farm.
According to cryptocurrency mining pool Poolin, the fourth-largest active pool on the Bitcoin network, the floods completely destroyed the farm, leaving workers to rescue equipment from the silt left by the floodwaters.
“A local mining farm based in Sichuan, China was DEVASTATED by the recent heavy rainfall in the region,” officials wrote on Twitter.
Red Li, co-founder of China-focused crypto media outlet 8btc, added further photographic evidence of the floods, while noting the events had not impacted Bitcoin network performance.
“It seems that the hashrate is not affected much,” he summarized. Another Twitter account claimed mining giant Bitmain was also unaffected.
Mild compared to 2018 floods
As Cointelegraph reported, in July 2018, when major floods again claimed mining hardware, Bitcoin performance fell dramatically. As miners went offline, activity decreased along with the Bitcoin price, sparking a trough which at its lowest saw BTC/USD fall to just $3,100.
Since then, a rebirth has seen competition return, with hash rate — a measure of how much activity is involved from miners on the blockchain — consistently reaching record highs throughout 2019.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.