Bitcoin Hash Rate Remains Steady as Miners are Wiped Out by China Floods
Brian Njuguna Aug 22, 2019 06:02
Recent China floods did not affect the Bitcoin network hash rate. However, some miners were not spared as they were wiped out.
Bitcoin network hash rate, an evaluation of the activity being undertaken by miners on a particular blockchain, has remained high despite the presence of floods in China. Nevertheless, some mining operatives have faced the wrath of being destroyed. On Twitter, several users have reported the disastrous effects of floods in Sichuan, a Chinese province. They have proclaimed that one of the Bitcoin mining institutions had been destroyed.
Officials from Pooling, a huge Bitcoin network pool, tweeted:
A local mining farm based in Sichuan, China was DEVASTATED by the recent heavy rainfall in the region.
Moreover, photographic evidence linked to the floods was availed by a co-founder of 8btc, a crypto media outlet, known as Red Li. He, however, asserted that the disastrous event had not compromised Bitcoin’s network conduct as the hash rate remained steady.
On the other hand, the Bitcoin network was not stable last year. Expressly, in July 2018, China suffered a similar fate, but the effects were catastrophic as Bitcoin’s performance dramatically diminished. This occurred after powerful floods destroyed the mining hardware.
Information availed by Bitinfocharts, a monitoring scheme, the hash rate averaged 79 quintillion hashes every second on August 21.
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