China's local blockchain & Crypto info website Golden Finance published the news that, recent floods in china Heavily Damage Major Crypto Mining Operation & tens of thousands of mining devices are damaged and almost impossible to repair.
Eric Meltzer (Partner @ INB, China's largest blockchain-focused fund ), also tweeted the same
As it's unclear that what cryptocurrencies were being mined on the devices and how many of them precisely have been lost to the flood. As per the report most of the Bitcoin mining happen in China - almost 70%. Based on the data and statics provided by Blockchain , the second most widely utilized crypto wallet platform after the coinbase, the hash rate of Bitcoin fall almost 30% overnight.This was red alert for the investors and miners that this kind of thing not happnes overnight. As this incident happened during this incident. Some are relating this with the flood and some indicating other issues. Later hash rate recovered in the next 24 hours.Anyways the recovered hash rate showed that the flood's effect was not enough to affect the Bitcoin network.
Let me know what you think about this fall in Hash-rate guys ?