Flooding is overwhelming Chinese cities after heavy downpour.
Damage is estimated to have reached $3.6B.
With ~65% of #Bitcoin hash rate in China during rainy season, we analyse the impact of the floods on mining.
hashr8.substack.com
Damage is estimated to have reached $3.6B.
With ~65% of #Bitcoin hash rate in China during rainy season, we analyse the impact of the floods on mining.
hashr8.substack.com
Some infrastructure has already been destroyed with more on the brink of failure.
The largest hydropower station in the world – the Three Gorges Dam – had to open its sluice gates to relieve pressure on the infrastructure.
This wreaked havoc on the nearby cities.
The largest hydropower station in the world – the Three Gorges Dam – had to open its sluice gates to relieve pressure on the infrastructure.
This wreaked havoc on the nearby cities.
Mining facilities are naturally in the firing line with many setting up close to hydropower stations during rainy season.
However, hashrate estimates are at record highs despite reports surfacing that some facilities have been impacted.
However, hashrate estimates are at record highs despite reports surfacing that some facilities have been impacted.
Furthermore, Chinese equities have been skyrocketing despite the damage to domestic infrastructure.
Recent releases from state-owned media would suggest that a national effort is underway to encourage the population to increase their exposure to the equities market.
Recent releases from state-owned media would suggest that a national effort is underway to encourage the population to increase their exposure to the equities market.
Conditions for #Bitcoin miners are also less lucrative than the previous difficulty epoch.
But hashrate has been nonetheless higher with the next adjustment estimated to increase difficulty ~9.7%.
But hashrate has been nonetheless higher with the next adjustment estimated to increase difficulty ~9.7%.
One reason behind the increasing hashrate may be Chinese miners securing latest-gen rigs.
These powerful rigs turning online for the first time is likely enough to outweigh the less lucrative conditions and facilities being destroyed.
These powerful rigs turning online for the first time is likely enough to outweigh the less lucrative conditions and facilities being destroyed.
However, rainy season has several months left and further damage is likely in store.
With flooding and mudslides hitting the Southwestern regions where many mining farms set up, these facilities are in the firing line.
With flooding and mudslides hitting the Southwestern regions where many mining farms set up, these facilities are in the firing line.
We also report on the #crypto OTC crackdown in China which has ended up with some traders and desks being detained.
We further detail how Ethereum miners have been earning more from transaction fees than Bitcoin miners for over one month.
We further detail how Ethereum miners have been earning more from transaction fees than Bitcoin miners for over one month.
