Floods in China dampen cryptomining industry

Crypto mining in the Chinese province of Sichuan has been seriously affected by the severe weather that has struck the country over the past few weeks.

“Tens of thousands of mining devices,” have been completely damaged, according to local blockchain and cryptocurrency information platform Golden Finance, which notes that “70% of the world’s cryptocurrency mining machines are in China, while Sichuan mining machines account for 70% of the country’s total.”

Environmental impact of Bitcoin mining

Golden Finance has detected a relevant drop in the calculation power used by cryptomining farms in Sichuan in the past 10 days. Meanwhile, China’s National Meteorological Centre has said it expects more rainfall in the coming days.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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