Heavy Chinese Rainfall Affects Crypto Mining Industry
As per reports, Sichuan is China’s most invested province in terms of mining operations. Seventy percent of mining emerges from Sichuan, notorious for its heavy and damaging rainfall which affects thousands of locals as well as China’s economy, resulting in massive losses on an annual basis. A new report states that application-specific integrated circuits and graphics card sales will skyrocket as demand for mining tools increases due to the recent floods.
As reported by Economic Daily News alleges that an international drop in processed hash rates by thirty percent as Chinese mining systems recover from the latest floods. The NMC also reported heavy rainfall in other provinces around China, and warnings urged residents and officials to minimize outdoor activity and begin taking necessary measures against more potential disasters respectively.
Financial and economic losses amounted to $111 million last week after escalating thunderstorms struck 48 different cities around the nation, although no casualties were reported. A cryptocurrency news agency said that Sichuan was China’s main mining province due to cheap electricity and the generous amount available. The outlet also reported that several escrows were ordered within the area prior to the floods.
Golden Finance, the publishing outlet, attributed an international decline in successful hashing to the recent natural disasters in Sichuan, coming to the conclusion that mining processes dropped from the 24th to the 27th of June during the disaster period.