Flooding in China effect on bitcoin | Bitcointalksearch.org

Anna138

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Quote from: Detrix on September 13, 2020, 01:26:49 PM

Sichuan is a province in China highly affected by floods, which I firmly agree that they disrupt Bitcoin mining as they destroy the mining facilities. All the available cheap hydro-electricity is totally damaged by the floods. For instance, the current monsoon season in the area has caused havoc with the continuously downpour leading to high decline in the Bitcoin hash rate. As it is, China holds more than 50% of the world's cryptocurrency hash rate with its major mining being carried out in Sichuan. The province is mountainous and continuously records heavy rainstorms leading to a high drop in the Bitcoin hash rate. As per the records given by the world's largest mining pools like Antpool, F2Pool and PoolIn based in China have recorded 10% to 20% drop of the Bitcoin hashrate.

Is all bitcoin mining concentrated in the province of China? Of course, the weather and meteorological conditions there leave much to be desired, but it seems to me that this is drained only for Asian residents. Europe and America have their own servers and capacities, and the weather does not interfere with them. In my opinion, we get the main flows from the nearest power located in the nearest location.

Cryptoreflector_666

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Quote from: Wexnident on August 13, 2020, 08:42:38 PM

I really doubt mining farms wouldn't do anything about it, especially since they pretty much should be updated on factors that could stop their mining farms. Even if it did affect the miners, I doubt a huge difference would happen with the price. Plus, does anyone even know how many mining farms are there for said areas to be affected by the flood? Additionally, rain seasons are quite normal to be expected around this time of the year, so expecting something close to a flood and/or damns releasing water would've been quite expected already. Information is power as they say, and seeing as these people are owners of mining farms, they probably know what to do in case of various disasters incoming.

As practice shows, this is not always the case. We constantly see news that a particular area has been flooded and various man-made disasters have occurred, which means that people do not use the experience of others and the experience of history, and history is the most important textbook on how to do it and how not to do it

Detrix

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Sichuan is a province in China highly affected by floods, which I firmly agree that they disrupt Bitcoin mining as they destroy the mining facilities. All the available cheap hydro-electricity is totally damaged by the floods. For instance, the current monsoon season in the area has caused havoc with the continuously downpour leading to high decline in the Bitcoin hash rate. As it is, China holds more than 50% of the world's cryptocurrency hash rate with its major mining being carried out in Sichuan. The province is mountainous and continuously records heavy rainstorms leading to a high drop in the Bitcoin hash rate. As per the records given by the world's largest mining pools like Antpool, F2Pool and PoolIn based in China have recorded 10% to 20% drop of the Bitcoin hashrate.

Wexnident

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I really doubt mining farms wouldn't do anything about it, especially since they pretty much should be updated on factors that could stop their mining farms. Even if it did affect the miners, I doubt a huge difference would happen with the price. Plus, does anyone even know how many mining farms are there for said areas to be affected by the flood? Additionally, rain seasons are quite normal to be expected around this time of the year, so expecting something close to a flood and/or damns releasing water would've been quite expected already. Information is power as they say, and seeing as these people are owners of mining farms, they probably know what to do in case of various disasters incoming.

Velkro

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Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China. The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

What are peoples thoughts on the effect on the price should there be major distribution to the miners?

Bitcoin is more resilient than one dam, even if this is biggest dam in the world Tongue

.
People fail to realize how multi-layer security Bitcoin have in place. If someone would try to think of better or similiar system currently, impossible (need another genius like Satoshi in next 100-200 years).
Its a lot of assumptions but these are my opinions on the subject as would Neil De Grasse said Wink

Shasha80

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It is true that with many mining farms in China, flooding can have an effect on Bitcoin. There will be a decreased in hashrate,
and make the block interval slow down. But for the price of Bitcoin I believe it has no effect, because as long as the demand
for Bitcoin is still high, I don't think you need to worry about the Bitcoin price falling.

arwin100

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If the miners got affected on the floods for sure it can affect the bitcoins since that means their mining operations be stopped due to unfortunate events but if they are not affected since Im sure businessman will do some feasible studies regarding on where they will put their miners to be safe from this kind of calamity for sure there's no hell bitcoins well get affected unto this matter and we better stop for being exaggerated on the events since it's very wrong to think and link it with bitcoins.

Gozie51

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Quote from: ?? on ??

There is no flood in china but a new virus diseases has come which kill 10 people and 60 other were infected.
And miners are moved from china

Can you provide a link to this? It is better we confirm because such news have been flying around lately. How realistic can this be when the world is still fighting covid-19.

Viglione

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Flooding decrease any countries economic.so, it effect in bitcoin.

panganib999

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Quote from: Darker45 on August 05, 2020, 09:35:30 AM

First and foremost, the Three Gorges Dam is not meant to hold back the monsoon season. The monsoon season comes whether we like it or not, whether they are prepared or not, and whether the dam will withstand it or not.

The hydro season does not come as a surprise. It comes annually and so I think the miners within that region must have already foreseen some possibilities and made the necessary preparations. As a matter of fact, F2pool has reported that Bitcoin miners have already completed what they call as the Great Migration at least a week ago in preparation for the hydro season.^[1]

[1] https://news.bitcoin.com/flooding-threatens-chinas-bitcoin-miners-chinese-billionaire-says-three-gorges-dam-collapse-imminent/

I agree. Since typhoons and monsoons and trackable due to modern technology that can track weather forecast for the upcoming days and months situated that rainy season is already coming, miners in China will surely be alarmed to do migration to save up mining farms from the potential flood knowing that the dams are not built to withstand the monsoon season. They must know that certain parts of China would be affected by the strong flooding which can damage the mining farms once the flood reached that area.

Hydro season cannot be controlled or prevented but such preventive measures could be done to avoid mining farms from being directly affected by the monsoon. Also with regards to the price of Bitcoin once the mining farms in China would be affected by the strong flooding, there might be also an effect on the price of Bitcoin since big mining of crypto is located in China but we must remember that there are still lots of mining farms distributed around the globe so still even if there is an effect, that would be fulfilled by the other mining farms and as we can see Bitcoin's price is heading into a real good situation which we believe moving towards a bull run.

michellee

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Quote from: AmoreJaz on August 07, 2020, 08:04:35 PM

Quote from: cryptomaniac_xxx on August 06, 2020, 02:44:35 AM

Here, I find some old articles about it,

July 2018
Local Media: Floods in China Heavily Damage Major Crypto Mining Operation

Aug 2019
Major Flooding Disrupts Chinese Hydro Power, Bitcoin Mining

But so far bitcoin has survived, short term there could be some hash rate going down, but it doesn't matter sooner or later it will bounce back just like what we have seen in the past.

waiting for what will happen this year Aug 2020...im betting no flooding will ever take place. they are just causing fud in the mining sector. if they know that this flooding is imminent, then what are they doing to prevent such catastrophe to happen? are they just waiting and watching and not doing any tangible solution?

I hope there is nothing bad in Augustus 2020, so we don't see any new increases in the virus. Although it is a new case of the virus, the government can press the new infection's increases. I am sure that people will search for a new way to prevent the catastrophe, and we will survive in the hard thing that can happen later. We will have a way to get out of the problem, and I think they will get a new place to continue the mining process.

AmoreJaz

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Quote from: cryptomaniac_xxx on August 06, 2020, 02:44:35 AM

Here, I find some old articles about it,

July 2018
Local Media: Floods in China Heavily Damage Major Crypto Mining Operation

Aug 2019
Major Flooding Disrupts Chinese Hydro Power, Bitcoin Mining

But so far bitcoin has survived, short term there could be some hash rate going down, but it doesn't matter sooner or later it will bounce back just like what we have seen in the past.

waiting for what will happen this year Aug 2020...im betting no flooding will ever take place. they are just causing fud in the mining sector. if they know that this flooding is imminent, then what are they doing to prevent such catastrophe to happen? are they just waiting and watching and not doing any tangible solution?

dothebeats

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Most mining operations are situated on the mountainous region of China, and a lot of miners have since moved out of the country and found themselves on other countries where regulations aren't tight while the operating costs are still cheap. The 'rumors' on the Three Gorges Dam being structurally weaker and failing to do its job is just hearsay. While flooding on the low-lying parts of the region is a regular occurrence, I don't think it is that bad to be actually a cause of huge concerns.

And yep, bitcoin mining isn't affected in any way.

lepbagong

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Quote from: ?? on ??

There is no flood in china but a new virus diseases has come which kill 10 people and 60 other were infected.
And miners are moved from china

I think the news about flooding will not have a very significant impact on mining, because they can swiftly move from one place to another which is safer. In fact, I agree with the friend above that what I fear is a further pandemic that will occur. because the previous pandemic has not been completed and it is likely that there will be a further impact.

DoubleEdgeEX

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Quote from: Carlton Banks on August 05, 2020, 02:42:41 AM

"Someone said something about something that hasn't happened, and it wouldn't matter even if it did" Roll Eyes

That sums it up perfectly. About a week ago, I heard from friends in southern China that the floods occur every year it´s just a little more damaging than in the previous years, nothing too special. As for the 3 gorges dam, I won´t worry, that´s a monument for eternity, almost like the Great Wall.

bitcampaign

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Quote from: mk4 on August 05, 2020, 02:54:02 AM

If the flooding actually ended up doing damage, halting the operations of the miners, then undoubtedly there will be a decrease in hashrate. How big/small will the decrease be? That's probably the better question. I don't think this will have any effect on the price at all. It's not like Bitcoin will be super unsecure once some of the Chinese miners turn off their machines.

This is what I want to know too, that the level of difficulty that may go down and also the hasrate, has no effect on the bitcoin price either, because there is no problem if the Chinese miners have a problem with the flood, but that doesn't mean it makes us turn our attention to China, because bitcoin also requires miners from china

davis196

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Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China. The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

What are peoples thoughts on the effect on the price should there be major distribution to the miners?

1.Like some members posted-Chinese miners are usually prepared for the monsoon season and the risk of flooding.
2.Even if many miners have to shut down temporarily,the network will survive,the hashrate and mining difficulty will drop,so all the miners outside the flooded areas and outside China can handle the mining operations.
I don't think that this will have any big impact over the price.Mining is only one of the factors that determine the price of Bitcoin and it's definitely not the biggest factor.

Latviand

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Quote from: mk4 on August 05, 2020, 02:54:02 AM

If the flooding actually ended up doing damage, halting the operations of the miners, then undoubtedly there will be a decrease in hashrate. How big/small will the decrease be? That's probably the better question. I don't think this will have any effect on the price at all. It's not like Bitcoin will be super unsecure once some of the Chinese miners turn off their machines.

Tragedies like this can really cause a huge impact to an economy.

But for China, I don't think that this is a huge problem for them. They have a stable and well-grown economy so to rebuild those destroyed establishments for them is really not an issue. These flooding can really tear down all of those existing businesses in their country. We all know that in China, there are a lot of bitcoin miners, maybe this can affect them the way they think about their safety.

Just like what happened in Beirut, Lebanon, this tragedy can really affect all parts of the economic sector, including cryptocurrency or any assets that they store in their houses.

maxreish

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These is somehow predicting events in China. Aside from those unsubstantial happenings OP is stating, I don't think it is appropriate to connect it into cryptocurrency possible effects. But at some point if we think electricity in China is disrupted and broken down because of the flood calamity, then absolutely that the miners wil be affected and the crypto market's impact will also change.

Anyway, there are already heavy flood this year in their country and this does not give any effect in crypto market.

Ayiranorea

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This year the rainfall in China has been marked big and it is termed a climate change. Flood hasn't made a big change in the bitcoin market, already the mining industries were away from these locations. The rain has caused more than 150 life losses. More than 50000 houses have been destroyed out of the flood. By the time few dams were unable to keep up the water. This too is a big disaster causing a bigger damage.

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