March 28, 2024

Floods in China lead to a drop in Bitcoin hash rate

Heavy rains that began in the Chinese province of Sichuan in early August caused disruptions insupply of electricity. Because of this, some mining farms cannot fully function.

Floods in China's Sichuan province ledto a drop in the hash rate of the leading mining pools by 10-20%. Heavy rains started last week and intensified on 16 August. This has led to problems with the supply of electricity in parts of the region, as hydroelectric power plants temporarily suspend operations to help eliminate floods, writes CoinDesk.

According to Kevin Pan, CEO of the Poolin mining pool,some places have problems with communication and internet. This forces the miners to disconnect from the network. It is currently unknown when the situation will improve as the rains continue.

The four largest mining pools: Poolin, F2Pool, BTC.com and Antpool, which are located in China, have lost up to 20% of the hash rate over the past 24 hours, according to BTC.com. The share of computing power of these pools in the total volume is estimated at about 50%.

Pan added that some miners in advanceprepared for the cataclysm by suspending activities and taking out employees. The Xinhua News Agency reports that rainfall in the worst-hit cities in the province in 5 days exceeded the monthly average of all previous years. Also, due to landslides, the route was blocked in the mountainous region, where many mining farms are located.

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