Chinese Bitcoin Miners Stop Operations Amid Rain-Induced Mudslides
By Tyler Smith – Crypto Investor
Heavy rainfall in China’s Sichuan province has caused both land and mudslides that forced some of the local hydropower plants and Bitcoin miners to halt their operations. As China is the largest miner of Bitcoin, this has affected the Hash power on the network. A drop in Hash rate could result in some users buying Bitcoin and withdrawing coin, incurring delays.
According to social media posts of the local government on Tuesday, the Aba prefecture in Sichuan has been drenched in heavy rain since Monday with landslides affecting over 17 counties in the area. The Wenchuan county appears to have suffered the most from the drastic weather conditions. A report from the China Daily said that mudflows have disrupted the local communications infrastructure and power supply that led to the death of seven people.
An anonymous mining farm operator shared an on-site video clip with CoinDesk showing some of the mining equipment in Wenchuan covered in mud. Many of these miners won’t have the opportunity to mine and cash out Bitcoin for profit and could also lead to the difficulty readjusting down as less entities fight to complete the algorithm. as Hash Rate falls and
The mining operator further stated that the heavy rainfall resulted in large amounts of water being collected in reservoirs used by local power plants that forced many stations in Aba to stop producing electricity, leading to a power shortage and affecting mining farms in the short run. Cheap hydroelectricity attracted these mining operations due to the potential profit instead of buying and selling Bitcoin but doesn’t come without risk.
Hydro-energy company listed on the Shanghai Stock Exchange, Sichuan Minjiang, said Wednesday that three of its power plants have already ceased operations, whereas another one is filled with water. We could see further Hash rate drops if more mining farms are affected in China.
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