[Rumors] Flood in China Destroyed Bitcoin Major Crypto Mining Operation
China's local blockchain & Crypto info website Golden Finance published the news that, recent floods in china Heavily Damage Major Crypto Mining Operation & tens of thousands of mining devices are damaged and almost impossible to repair.
Eric Meltzer (Partner @ INB, China's largest blockchain-focused fund ), also tweeted the same
As it's unclear that what cryptocurrencies were being mined on the devices and how many of them precisely have been lost to the flood. As per the report most of the Bitcoin mining happen in China - almost 70%. Based on the data and statics provided by Blockchain , the second most widely utilized crypto wallet platform after the coinbase, the hash rate of Bitcoin fall almost 30% overnight.This was red alert for the investors and miners that this kind of thing not happnes overnight. As this incident happened during this incident. Some are relating this with the flood and some indicating other issues. Later hash rate recovered in the next 24 hours.Anyways the recovered hash rate showed that the flood's effect was not enough to affect the Bitcoin network.
Let me know what you think about this fall in Hash-rate guys ?
sad sound
@premhenderson Hope china will recover from all kind of losses soon..
yes bro
Oh so sad news. I hope as china will recover all the losses soon. Do you think it will effect bitcoin market @flash07
@dhanjkalita Dear friend yet not official announcement made that what kind of mining device where there, what cryptocurrency they were mining, what percentage device were active and all. But still looks like great damage so I think it will affect little specially after official announcement - as people will sell out in fear
@flash07
Oh my good this is a very bad news
But dontworry china is very fastet country and it built very fast its mining station
@hirshan Hope for the best
@flash07 very bad ..hope all mining loser will recover soon..what you think about bitcoin future 2018 end?
@bhavikpatel74055 I am not expert my friend and I don't know TA that much just leaning. But it should at least reach $12k-$15k. It is minimum required to cover loses in ALTs.
its very bad to know this will effect crypto mining badly,so we just hope for the best @flash07 sir,thank you for sharing this important news sir,keep posting :)
@sanjugangber Thank you for reading my article and commenting on it. Please keep commenting good or bad so I know how I am doing in crypto.
okey sir.
That's a very bad news.
@doctorhealth Yes my friend. Hope china will recover from the damages that flood cause.
Thats a huge loss indeed.
@pankuvirat Yes it is but the relief is it recovered in 24 hours only.
Ow , I didn't expect such fast recovery.
@flash07
Bitcoin need hugs investment nd lots of good news.. 💹 💱
Awsome blogs my friend.. 👌 👌 👌
@shrikant21 Thank you for your kind comments my friend.
Ohhh news is not good but i read in your article that bitcoin recovered the price which went down during flood.. hope mining industry people recover the loss soon.. and Now no one Stop the Bitcoin to rise...
@archana25 It was hash rate that affected my friend & it recovered already so no need to worry.
Thank you for the interesting information.
@shockmeee thank you for reading my article and for your kind comments. Please keep commenting good or bad so I know how I am doing here and what improvements required.