In China, floods destroy mining farms

In a Tweet, Eric Meltzer, a partner of INBlockchain, China’s largest blockchain investment fund, said rumors suggest a Bitcoin mining farm was destroyed by a massive flood that hit the entire province of Sichuan, China.

According to local Chinese media, the floods occurred mainly in western Sichuan Province, an area that is home to about 70% of Bitcoin Hashrate in China. The Chinese authorities are trying in vain to reduce the number of farms in the country which represents about 70% of the total computing power of the Bitcoin network.

“At present, there is no accurate data on losses on farms in the Sichuan area,” reports Golden Finance.

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This flood coincides with the sudden fall of Hasrate that we have seen in recent days. Indeed, the Bitcoin network seems to have felt the effects of this natural disaster almost immediately. Blockchain’s information highlights a sharp reduction in hashrate by the time the floods hit. Other miners seem to have taken over since the hashrate goes up significantly since yesterday.

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