A digital currency mining farm in china’s Sichuan province has been washed away by floods which were triggered by the heavy down pour in the region. This has resulted into heavy losses to the miners.

Poolin, which is the fourth largest mining pool by hashrate in china; <a href="https://twitter.com/officialpoolin/status/1164079040866725888?s=20">tweeted</a> two short videos of the destroyed farm on Tuesday; noting that rescue mission is ongoing to pull out the miners from the mud.

Additionally, an admin of Poolin’s official telegram channel, Molly Zhang; said  the mining farm is not part of Poolin; but some of its clients were using hosting services at the farm.

According to Lylian Teng, who works as an editor for 8btc, some local mining farm got damaged yesterday. She cited some unknown local sources as her source for the report. However, she claimed that the damage was not as serious as the one experienced last year.

Sadly, miners will have to suffer the loss of their coins and cryptocurrency hardware’s as insurance policies do not cover such cases. This is according to a<a href="https://news.8btc.com/bitcoin-mining-farms-in-sichuan-are-destroyed-by-raging-flooding-again"> report</a> released by 8btc yesterday. The report added that one miner accrued a loss of over 1 million Yuan ($140,000). However, it remains unclear on the total loss accrued as per reports.
<h2><strong>Cheap Electricity Attracts Bitcoin Mining</strong></h2>
Moreover, the cheap hydroelectric power supply resulting from summer rainy season in Sichuan; has been attracting a lot of cryptocurrency miners in the region.  This pushed the total <a href="https://www.cryptoknowmics.com/crypto/miners-to-play-a-major-role-in-ensuring-bitcoin-stays-above-6500-halving-bubble/">Bitcoin</a> hash power in the region to a new high in the region. However, right now the excessive rains seem to be a disaster.

Currently, according to data from btc.com mining pool, cryptocurrency’s 24 hours total hashrate has downed from 78 exahash per second on Monday, to about 73 exahash per second on Wednesday.

Furthermore, in May 2019, the government started <a href="https://e.thecover.cn/shtml/hxdsb/20190530/107311.shtml">probing</a> into cryptocurrency mining farms in the province that were set up without approval from the government

Cryptocurrency Mining Farm in China Washed Away by Heavy Floods

A digital currency mining farm in china’s Sichuan province has been washed away by floods which were triggered by the heavy down pour in the Mining News

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Cryptocurrency Mining Farm in China Washed Away by Heavy Floods

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