Floods in Sichuan Cause 20% Reduction in Hash Power from Chinese Miners
The monsoon season is an annual phenomenon that residents in Asian countries face and prepare for it. Over the last week, the rains in China could be considered the worst over the last 70 years, causing large floods in many areas and problems in their economic life.
China is the center for Bitcoin mining worldwide as 50 % of total mining power comes from China while the Sichuan province, north of the Yangtze River, is the area with the densest facilities for Bitcoin mining operations.
The intensive rains and continuous power shortages make many Bitcoin facilities temporarily close as they flooded or didn’t have a power supply to operate. We wait to see how this pause will affect the hash rate in the Bitcoin network and its price.