Bitcoin Hash Rate Hits Fresh High as China Floods Wreak Havoc on Mines

Crypto Miners Wiped Out in Chinese Flood

While Bitcoin is a digital technology, natural disasters still affect this nascent ecosystem. Poolin, a prominent cryptocurrency mining pool, recently posted an image on Twitter of a flood “DEVASTATING” a mining farm in the Sichuan region of China.

2/2 clip of personnel digging out miners from the mud: pic.twitter.com/QebXEqBjrN

— Poolin (@officialpoolin) August 21, 2019

Some mining facilities were wiped out by flood in Sichuan yesterday. pic.twitter.com/lZ12tapVga

— Red Li (@redtheminer) August 21, 2019

But Wait, Bitcoin’s Hash Rate Hit a Fresh High

Despite all these fears of a flood destroying the security of the leading blockchain network, it appears that the hash rate of the blockchain is mostly unfazed. According to Blockchain.com’s latest hash rate reading, Bitcoin has, in fact, just set a new all-time high in this category. The analytics service recently registered that Bitcoin’s hash rate hit 82 exahashes — a fresh high.

Bitcoin Hash Rate Hits Fresh High as China Floods Wreak Havoc on Mines Crypto Analysis

And as Red Li put it, “It seems that the hashrate is not affected much.”

It is important to note that this statistic does lag by a day or two, so the full effect of the flood on Bitcoin may appear tomorrow or the day after. But if it doesn’t, then this would go to show that BTC mining, after years of being centralized in China’s river region, is finally starting to become an industry outside of the Asian cryptocurrency hub.

On that, we will need to wait and see.

Photo by jonathan Ford on Unsplash

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