Bitcoin Mining Under Threat
Recently, the Bitcoin (BTC) mining scene faced a significant blow due to unexpected floods in China’s Sichuan province. Local users took to Twitter to share heartbreaking tales of destruction as one notable mining farm was completely submerged, making a dramatic case for climate impact on cryptocurrency.
A Tough Day for Miners
The flooding that hit Sichuan didn’t just dampen spirits; it annihilated hardware. The team at mining pool Poolin reported images of workers scrounging through mud and debris in a race against time to salvage their equipment. Talk about a bad day at the office!
Unexpected Outcomes: Hashrate’s Highs
One would assume that such chaos in the mining sector would send shockwaves through the Bitcoin network, but surprisingly, the hash rate didn’t waver much. Coin commentator Red Li chimed in, reminding us that despite the floods, the network’s performance held strong. In fact, many noted that the hashrate remained relatively unchanged, showing resilience.
Learning from the Past: 2018 vs. Now
Reflecting back to the torrential floods of July 2018, the impact on Bitcoin was catastrophic. At that time, plunging mining activity resulted in a stark decrease in BTC prices, with the cryptocurrency plummeting to a low of $3,100. Fast forward to now, and it seems the miners have learned to adapt.
The Bright Side: Record Hash Rate
Current statistics are speaking volumes. As of Wednesday, the Bitcoin network’s hash rate soared to an incredible 79 quintillion hashes per second, as indicated by sources like BitInfoCharts. Cryptocurrency enthusiast Max Keiser pointed out that with this hash rate maintaining highs against odds, BTC prices are primed for a positive response, proving the market’s tenacity.
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