Bitcoin Forum

Bitcoin Hash Rate ‘Not Affected’ as China Floods Knock Out Miners

The Bitcoin (BTC) network hash rate remains near all-time highs despite fresh turmoil in China as floods wipe out mining operators.

According to cryptocurrency mining pool Poolin, the fourth-largest active pool on the Bitcoin network, the floods completely destroyed the farm — leaving workers to rescue equipment from the silt left by the floodwaters.

Actual video: https://twitter.com/officialpoolin/status/1164079005022203906

https://cointelegraph.com/news/bitcoin-hash-rate-not-affected-as-china-floods-knock-out-miners/

It's probably just around 20% of their total operation that has been affected. Poolin's hashrate dropped a bit but not as much as the news articles make it seem to be.

The only downside is that it *temporarily* bumped BTC.com's share to over 25%, but I expect that to go back to 23% whenever Poolin fires up a bunch of new miners. Every large farm has brand new miners ready just in case these natural disasters happen.

https://www.coindesk.com/bitcoin-miners-halt-operations-as-rainstorm-triggers-fatal-mudslide-in-china

I'm pretty sure that even if the hash rates went down even for a bit there will always be someone who will cater to the drop because of the reduce in difficulty especially when the prices are considerably high now miners will always have a lot of ways to take advantage and earn more from mining, I won't even be surprised if Poolin itself has some backup farms ready to operate just in case natural disasters like this happen. They won't risk a month or two without operating since the loss will be bigger for them.

Poolin has found the second most number of blocks today, which doesn't indicate much of a hashrate loss. I also looked at their previous daily number of blocks found, and there is no serious difference, just regular variance.

I get the impression that this has been used as some sort of a marketing stunt. Yes, it really seems that a small mining facility has been affected by the mud flood, but the whole story around it is greatly exaggerated.

I doubt the small facility that was affected accounted for more than 10% of its hashrate. More like 5% looking at their stats prior and after the flood. If they don't have spare gear I just hope they don't use Bitmain to purchase new gear.

This news is nothing different from the decision of the china for total banned of all crypto related activies if not that is year 2017 during bitcoin is on the very expensive price value so meaning until there have a lot of people and country's are continue to aupport to crypto miners nithing affect for china decision against miners.

This is just an exaggeration. If ever there will be an effect, it will be just short term. And I'm sure that those miners knows the risk of rains and storms on that region and perhaps are ready to mitigate that. There are a lot of miners in China that can cover what have lost here, and for obvious reasons, Hash rate is still steady and well maintained. So I don't know what's the intention of this news, just to create another FUD from cointelegraph?