Categories: Mining

Floods in China dampen cryptomining industry

“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.

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.