Bitcoin network hashrate appeared to dip June 27, coinciding with reports floods in China had inundated and destroyed “tens of thousands” of miners.
Machines ‘Beyond Repair’
According to local Chinese media reports, the floods occurred principally in the country’s western Sichuan province, an area which accounts for around 70% of China’s mining output.
Despite claims government authorities are attempting to crack down on the country’s mining industry, China still accounts for 70% of international activity.
“At present, there is no specific data on the losses at the Sichuan mines,” Golden Finance reports showing photographic evidence of the destruction.