A Flood That Makes Bitcoin Production Down? Sichuan People Laughed After Foreign Media Reports

- Jul 13, 2018-

Original title: a flood makes global bitcoin production decline? After the media reports, the Sichuan people laughed.

The recent heavy rains and floods in Sichuan seem to have caused concerns about the impact of the global bitcoin power, because there are many "mines" in the Sichuan province.

In July 9th, the financial times, the financial times, cited the Morgan Stanley analyst's opinion in a report called "the Sichuan flood's impact on global bitcoin production", that "the flood in Sichuan may affect 8% to 10% of the world's bitcoin mining activities."

But daily economic news (micro signal: nbdnews) reporter survey found that this is not the case.

Normal operation of large mines in Sichuan Province

According to the industry research report released by University of Cambridge in April last year, 58% of bitcoin "mines" in China are located in China. Because bitcoin mining activities consume a lot of electricity, hydropower rich Sichuan is an excellent place to operate bitcoin mines.

Recently, Sichuan, Mianyang, Guangyuan, Chengdu, ABA, Meishan and many other places encountered heavy rains and even caused floods and landslides. In some parts of Sichuan, as early as June 27th and 28th, there was a torrential rain. Since June 29th, a group of photos of flooded mining areas in Sichuan have been circulating on the Internet. More attention has been raised after the INblockchain partner Eric Meltzer reprinted the picture, and the news of "tens of thousands of miners flooded" began to spread. In July 9th, the British media Financial Times released another report entitled "Sichuan floods affecting global bitcoin" output.

But is it true, as the previous report says? Many people in the industry believe that this is only a rumor, not a real case.

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