According to photos circulating on social media, miners were forced to grab what equipment they could carry as river banks collapsed.
Max Kortrakul, founder and chief executive of social trading platform Carboneum told the FT: “The pictures of the flooding in Sichuan are alarming and give the impression that the bitcoin hashrate must surely have taken a hit.”
Chinese miners produce between 50 and 70 per cent of the world’s bitcoins, the floods expose just how vulnerable bitcoin is to disruption in China. Morgan Stanley analysts estimate that the Sichuan floods could affect up to 8-10 percent of global bitcoin mining activity.
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