Bitcoin Mining Pools Observes 15% Drop during continuous Rainstorms in China

August 18, 2020

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Top Chinese Bitcoin mining pools are observing a daily hash rate drop between 10% and 20% amid the continuous rainstorms in Sichuan, China. 

Sichuan, China’s southwestern area, an uneven locale that is determined to have over half of the Bitcoin system’s all-out figuring power, has been strike by overwhelming rainstorms since the most recent week, which crested in the course of the most recent two days.

Heavy rainstorms have triggered power outages in parts of the area as hydro-plants stop producing power to help discharge the floods. Many counties are also experiencing telephone and Internet breakdowns, said Kevin Pan, CEO, and co-founder of PoolIn.

As a result, the affected bitcoin mining farms in the region are forced to unplug from the network for the time being. It’s not certain when the situation will show that the rainstorms are still going on.

Further, Pan said in a Weibo post, Tuesday China time that inclusion to mining farms being forced to release due to the internet and electricity disruptions, some have also energetically paused operations ahead of time and cleared out their on-site staff prior for safety precautions. The major highway that goes on to Sichuan’s mountainous region, where most of the mining farms are located, is shut down due to the extreme mudslides and floods. 

However, crypto bitcoin’s last three days and one day mean hash rate has dropped to around 123 and 110 exahashes per second, respectively. 

The rainstorm season in China consistently brings bountiful downpour and, in this way, unreasonable hydropower assets particularly in the nation’s southwestern locales, including Sichuan and Yunan. Such vitality overabundance prompts modest power costs that have been alluring to Bitcoin diggers.

Yet over the years, unpredictable conditions often triggered flooding and mudslides, which culminated in bitcoin mining assets halting operations briefly or even being fully lost.

Image Courtesy : Pixabay

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