The massive floods in China during this year’s monsoon season have caught the attention of the cryptocurrency industry. Crypto enthusiasts are now worried about the impact of the acute flooding on the large number of Bitcoin miners situated in Sichuan province. Notably, the floods have ousted millions of Chinese hence the growing concerns by the crypto industry.
In particular, the Chinese province of Sichuan situated upwards the giant Three Gorges Dam, the largest dam in the world, by a long way. The monsoon season has massively devastated the region for the past two months. As per reports, the monsoon season floods have displaced approximately 744,000 Chinese residents from about 26 different provinces. Furthermore, about 5 million Chinese residents have been directly impacted by the intense floods, and approximately 41,000 homes have crashed down.
50% of the world’s Bitcoin miners are based in China
A significant percentage of Chinese Bitcoin miners are located in the province of Sichuan and around 50% of the world’s Bitcoin miners are based in China. Back in 2019, a study by Coinshares reported that the concentration in China was almost 6%. In addition, a recent Bitooda report claims that 50 percent of the global hashrate is accounted for by Chinese Bitcoin miners.
The rain season in China reportedly destroys bitcoin mining farms annually for the last couple of years. The main danger facing Sichuan Bitcoin miners is the proximity of mining facilities to the renowned Three Gorges Dam. A massive amount of people in the country are worried about the architectural sturdiness of the infamous dam during the 2020 monsoon season.
The collapse of the Three Gorges Dam would be devestating to the worlds economy right now. Combine that with the flooding/ locust plague & Covd19…. China is having a biblical year. https://t.co/gjqHeDJZv9
— Jared Tate ©️ (@jaredctate) August 3, 2020
World’s largest dam facing a massive test, collapse imminent?
As per the Changjiang Ministry of Water Resources, two dams, the massive Three Gorges Dam, and Gezhou Dam; both stalled approximately 30 billion cubic meters of rainwater over the past one month. Some believe that the 2020 monsoon season is putting the world’s largest dam under intense tests. In June, banished Chinese whistleblower, Miles Guo, stated that the dazzling engineering marvel, Three Gorges Dam, might collapse.