Floods Take Out Mines in china
Sichuan province in southwest China is a mecca for cryptocurrency mining thanks to the region’s plentiful and cheap hydro-power electricity. Unfortunately, the same abundance of rivers and rainfalls that give it this advantage, also makes Sichuan prone to seasonal floods. In July, 2013, dozens of people died as a result of large floods and an estimated six million people in the region had their daily lives interrupted in some way. Now, with the return of the floods season, the many local miners are also affected according to reports from the country, mainly due to communication and power outages as well as mining farms being outright under water. By examining the global BTC hash rate it is possible to see that there was a drop in late June, coinciding with the floods, but not to unprecedented levels.