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.

slaman29

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Quote from: tbct_mt2 on August 05, 2020, 06:26:48 AM

Difficulty adjustment occurs each 14 days (not exact 14 days depends on how fast or low blocks will be solved). It is more correct to say it with total blocks (2016 blocks) for each difficulty adjustment interval.

In the meantime, when delayed difficulty adjustment occurs, there are more waiting, unconfirmed transactions, newbies will be panic. It can cause FUD in the past, in 2017 or 2018 but now I think it won't.

Yeah, and these 2016 blocks also get found fast when difficulty drops (then more miners come in) and then back up slowers when it spikes (and then miners drop out).

I didn't know difficulty adjustment delays happened. Must be when difficulty started to spike a lot and miners were busy doing forks;)

fiulpro

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

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

What are peoples thoughts on the effect of flooding in China.

that there is no flood (yet)

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

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

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

Yes "

At the same time Government in China did take control of a lot of Mining farms which actually made the people scared for their small businesses. The Government wanted to control the hash-rate and indirectly the Bitcoins.

Back in 2017 China had control of over 71% of the Mining pool , therefore it was already hard enough for the community to fluorish due to regulations but after the Government started seizing the mining farms many people decided to take their business else where , this way China did loose a lot of people who would have been golden to the community afterwards , since now there have been a huge surge in terms of jobs for the people who actually are very though with this sector .

Plus the flood warnings are already there therefore am sure that the people will be able to act accordingly and take care of everything on time.

In worst case scenario even if the hash rate decreases it would mean that, more smaller and bigger companies would take over and the hash rate will recover soon enough.

jademaxsuy

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

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

What are peoples thoughts on the effect of flooding in China.

that there is no flood (yet)

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

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

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

I like your reply and it is direct to the point for OP to understand what should be the right way to do with rumors. We cannot expect good things with rumors unless it is happening and or with concrete events or details about the event. Speculation of discussion regarding to it will not evensolve their problem. It might be good to update us here once there are things that happen already.

But, here is my few cents. If flooding will going to happen then pretty sure it will affect bitcoin.

cryptomaniac_xxx

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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.

bitbunnny

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I don't think that will influence the Bitcoin price, not at all. It might have impact on Chinese miners and that is certainly a negative effect on.some of them but I don't think it will reflect the price, not directly or indirectly. Just don't blame the flood in China if in the upcoming period there will be some corrections in price.

Mttewndew

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All this is a speculative topic, generated by the same speculation, and has nothing to do with reality. Why waste time discussing tales and rumors, which, most likely, will not even be confirmed.

Quote from: BrewMaster on August 05, 2020, 01:10:39 PM

to be honest this seems more like another "China controls bitcoin and if you sneeze there it affects bitcoin" type of topic to me.

I agree with you. From time to time, it all comes down to one thing.

BrewMaster

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Quote from: ?? on ??

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.

I agree, the only direct effect is block time interval would be a bit slower (until difficulty readjustment).

do we actually know the location of miners (the farms they have) and the total hashrate of those that could be affected by such a flood assuming it happened?

to be honest this seems more like another "China controls bitcoin and if you sneeze there it affects bitcoin" type of topic to me.

Argoo

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It is unlikely that this flood in China can significantly affect mining or the price of bitcoin in general. All the same, one bitcoin will be mined every ten minutes in the world, even regardless of the fact that the number of miners becomes smaller.
Bitcoin's price has long ceased to respond to such natural disasters. This would have been possible a few years ago. Bitcoin holders are no longer as fearful as they used to be.

wack slacker

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I think floods don't affect bitcoin much. If we keep thinking that most bitcoins are mined in China, that's wrong. There are many other mines in other countries that continue to mine bitcoin and there are thousands of other wallets confirming transactions for bitcoin.
The flood only caused Chinese people to transfer their money to a safe place which is electronic money. I think factors like weather, floods, disease, and war will cause bitcoin to increase rapidly.

Eugenar

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Quote from: ?? on ??

Recently, many situations have affected Bitcoin.

Not really the situation itself but the economic impact. There were many linkages created by people upon the rise of the pandemic and the sudden crash in the market price of cryptos. But the pandemic itself is not the one which triggered the 'dump', and more likely it was because many people sold their holdings in order to cope up with their daily needs given that companies were forced to not operate, so they needed money to finance themselves.

Quote from: ?? on ??

This depends on what percentage of all mining occurs there. If this percentage is small, then we have nothing to worry about.

For sure there will be actions concerning this problem since there is a threat and something is being anticipated. They won't sit there doing nothing which will damage their economy in general.

Darker45

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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/

Debonaire217

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There might be effect on the hashrate but I'm not certain if it will be big or not, perhaps, affected areas will not be so big so we need not to worry that much about it even though there are tons of bitcoin mining facilities in China.

With regards to the price of bitcoin, it will still depend on the market demands, we should not think that these miners will need to recover so they will sell at higher price just like what I said, it will not affect the entirety of the mining facilities all over the world.

tbct_mt2

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I agree, the only direct effect is block time interval would be a bit slower (until difficulty readjustment).

Difficulty adjustment occurs each 14 days (not exact 14 days depends on how fast or low blocks will be solved). It is more correct to say it with total blocks (2016 blocks) for each difficulty adjustment interval.

In the meantime, when delayed difficulty adjustment occurs, there are more waiting, unconfirmed transactions, newbies will be panic. It can cause FUD in the past, in 2017 or 2018 but now I think it won't.

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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?

I couldn't find conclusive evidence on the matter of miners still being in China or not, but at least Coindesk seems to believe that China still dominates when it comes to mining. I hope the rains help miners because the profitability rates have been very low since halving. As for the flood threatening to break equipment, it currently seems to be a billionaire's speculation, and let's hope it stays this way.

Quote from: Carlton Banks on August 05, 2020, 03:15:03 AM

I have a suspicion that many new (and possibly old) users would not pass the Turing test, including this latest prodigious new user "OrganixProtocol"

I am not sure this would help. OrganixProtocol might just have poor knowledge of English. Moreover, there's this story of the Eugene Goostman bot that passed the Turing Test precisely because it was making mistakes, so the judges assumed that it was a teenager human being that doesn't speak English well.

buwaytress

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Like Carlton said. For an annual event that China has spent centuries dealing with, and that miners have already faced on at least 3 previous occasions (if one assumes that media coverage is what qualifies this), I'd be really surprised if there were anyone caught unprepared this time around.

The only thing we know for sure that's monsoon's had an impact on is abundance of cheap electricity, which some believe have actually boosted mining activity this summer.

Carlton Banks

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Quote from: ?? on ??

I think the upcoming flood will be under control, so there will not have a big impact on the prices.

@theymos

Please consider implementing 1 (or both) of the following:

1. Extensive real-time Turing tests for newbies
2. Bitcoin Fidelity bonds for all users (forfeited upon consistent breaking of forum rules or failing the Turing test)

I have a suspicion that many new (and possibly old) users would not pass the Turing test, including this latest prodigious new user "OrganixProtocol"

mk4

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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.

Carlton Banks

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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.

that there is no flood (yet)

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

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

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

FightThePower

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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?

Topic: Flooding in China effect on bitcoin (Read 466 times)