Floods Damages Crypto Mining Operations

Floods Damages Crypto Mining Operations

C-Buzz
Jul 2, 2018 by Mitchell Lee
39
Recently the Sichuan province of China was hit by floods which have reportedly heavily damaged a major cryptocurrency mining operation in the area. The local blockchain and crypto information platform, Golden Finance, published this news first on June 30. China News Service (CNS), has reported that Sichuan and four other provinces in China experienced heavy
btc wires

Recently the Sichuan province of China was hit by floods which have reportedly heavily damaged a major cryptocurrency mining operation in the area. The local blockchain and crypto information platform, Golden Finance, published this news first on June 30.

China News Service (CNS), has reported that Sichuan and four other provinces in China experienced heavy rains on June 27 and 28, resulting in floods. As a result, Golden Finance’s major cryptocurrency mining operation in Sichuan has been heavily foiled, leading to a loss of “tens of thousands” of mining devices. The miners seem “almost impossible” to repair, according to the site.

Mining is the computationally-intensive practice of using dedicated devices to process transactions and issue new coins in a cryptocurrency network. Bitcoin alone might consume 0.5% of the world’s energy by the end of 2018.

The information about which cryptocurrencies were being mined on the devices and how many of them precisely have been lost to the flood are still not known.

As much as 70% of Bitcoin mining takes place in China. Especially, the province of Sichuan has been called a “Bitcoin mining capital”. The availability of cold climate and cheap electricity has led to a high concentration of mining operations there due to the cold climate and cheap electricity.

Golden Finance along with other press, have associated the floods in Sichuan with a drop in Bitcoin network hashrate (total computational power).

Mitchell Lee is a spirited cryptocurrency enthusiast who believes in the infinite potential of the blockchain and its upcoming causal effects. He implements his knowledge in this ambit and scoops out fascinating pieces of news, keeping our audience updated with the latest ongoing of the ecosystem. With his exquisite penmanship, he has been successful in harbouring an audience on our website. In his free time, Clark likes to wrote futuristic poetry and listens to Beethoven.

Leave a Reply