Thousands of miners destroyed and the damage of over 1 million yuan (~$140,000) for some miners is estimated due to massive flood in China.
In China’s Sichuan province, Cryptocurrency mining farms have been flooded due to heavy rainfall. According to the report published by Chinese crypto media outlet 8btc on 21st Aug 2019, the damage of over 1 million yuan (~$140,000) for some miners is estimated.
The heavy rainfalls in the region started from August 18, which has led to massive floods. Sichuan also called a bitcoin mining capital because of big bitcoin mining farms in the that area.
The cheap hydro electricity during the rainy season in Sichuan has attracted lots of crypto miners moving there. The most effected mining farms are those which are are located near rivers. In May, government authorities were investigating into crypto mining farms in Sichuan that had allegedly been constructed without official approval.
According to 8btc report, Miners will have to bear such losses by themselves as insurance policies do not cover such cases. It is not clear yet, how many mining equipments are drown in the flood.
One of the largest mining pool by hashrate, Poolin tweeted two short video clips of the farm on Tuesday, showing its staff “digging out crypto mining machines out of the mud.”