• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin mining flooding
Nexo Logo

Flooding in China a Big Blow to Sichuan Bitcoin Mining Facilities

Martin Young by Martin Young
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Bitcoin miners in China already have to deal with a government that wants to stamp out their industry. Add to that natural disasters such as flooding and landslides, and they have a full plate to contend with.

Sichuan Bitcoin Farms Hit by Floods

According to government services, monsoon flooding in China during July and August has claimed the lives of over 200 people. Recent reports indicate that western Sichuan province has been the hardest hit with 8 killed and 23 missing as of this morning. Typhoon Lekima, which swept across China earlier this month, added to the toll.

Annual floods are one of the most destructive natural disasters in China. Seasonal rains and human encroachment into mountain areas and natural river systems exacerbate the damage. Sichuan has become the center of operations for a number of Bitcoin mining facilities and they have not escaped the destructive weather.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to Red Li, co-founder of Chinese bitcoin and blockchain media and community 8btc, several bitcoin mining operations were hit by flooding in the mountainous province.

“Some mining facilities were wiped out by flood in Sichuan yesterday.”

Some mining facilities were wiped out by flood in Sichuan yesterday. pic.twitter.com/lZ12tapVga

— Red Li (@redtheminer) August 21, 2019

Other reports have indicated that mudslides have affected power plants, several of which have halted operations. According to hydro-energy firm Sichuan Minjiang, three of its power plants have been shut down with a fourth flooded out.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Favorable Conditions

Sichuan province has long been a choice destination for Bitcoin mining operations due to its low cost hydroelectric power. Geographically it ticks all the right boxes as the province is situated over 3,000 meters in elevation. Many of Sichuan’s rivers and waterways supply hydroelectricity plants with energy which is why Bitcoin mining facilities have operated in the region for years.

Additionally the local government has been known to provide static rates of electricity. In the wet season the area becomes more lucrative to Bitcoin miners which have reportedly flocked to Sichuan to take advantage of the cheap power supply. The flip side is a danger of flooding and mudslides that can be disastrous to mining farms in their paths.

Impact on BTC Network?

Impact on the BTC hash rate, which tapped a new high of 82.5 Eh/s according to blockchain.com a few days ago, has yet to be ascertained. This is a lagging measurement though so the hash rate could well drop over the coming days if the damage was great enough to impact the computing power on the Bitcoin network.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Bitcoin prices had already started to fall back today as markets continue their choppy consolidation around $10k.

Image from Shutterstock
Tags: bitcoinchinafloodinghash rateminingsichuan
Tweet123Share213ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Ethereum price

Will “The Merge” Be A Buy The Rumor Sell The News Event For Ethereum?

33 mins ago
Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

2 hours ago
Ethereum Price

Ethereum Merge Scheduled For September 15/16, ETH’s Price Skyrockets

4 hours ago
Polygon

Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June

6 hours ago
AVAX

AVAX Holds Steady And Sets Sights On $50 Barrier Breach

8 hours ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

8 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Most Investors are Still Looking at Cardano, Enjin Coin, and Mehracki as the CryptoCurrency Market Expands

August 11, 2022

Petrousus – The New Cryptocurrency That Could Become Profitable Like BNB

August 11, 2022

These Altcoins Are An Absolute Must-Have: Axie Infinity, Apecoin and HypaSwap

August 11, 2022

Zompot – The Next Crypto Wave Arrives To Meet Ethereum And Ripple

August 11, 2022

Top 3 cryptos for a balanched protfolio: Supontis (PON), Avalanche (AVAX), and Polygon (MATIC)

August 11, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.