Sichuan Floods Had “Little Impact on Bitcoin Mining Farms” Says Mining Pool Founder

  • A BTC mining pool owner recently claimed the floods in Sichuan barely affected the flagship cryptocurrency's hashrate.
  • Per his words, only 200 to 300 miners were destroyed, as larger operations were prepared.

Heavy downpours that have recently been affecting the Sichuan province in China allegedly barely affected cryptocurrency miners in the region, according to the owner of prominent mining pool BTC.Top Jiang Zhuoer.

During an interview with local news outlet National Business Daily, Zhuoer revealed large mining operations are prepared for such events, and as such weren’t significantly affected. He stated:

In reality, last month’s heavy rain in Sichuan province had little impact on the bitcoin mining farms there, and only a few devices were destroyed by the massive flood.

Jiang Zhuoer

Social media users have been sharing a picture that seems to show dozens – or hundreds – of ASIC cryptocurrency miners seemingly damaged by the flood. With the picture, came rumors that “tens of thousands” of mining rigs had been destroyed, leading to a dip in BTC’s hashrate.

The picture, per Zhouer, shows what happened to a “small-scale mining farm” in the region that was operating in a facility it built, without being authorized to do so. Per the mining pool owner, the operation’s owners weren’t expecting the floods when they built their facilities, and as such were caught off guard.

He said that “only” 200 to 300 mining rigs were destroyed because of the floods, something he claims had “little or no effect on the entire network’s computational power.” Torrential rain, he added, is a “common thing” during the summer.

While he touted large mining operations like his are prepared for these events, smaller operations may suffer. He was quoted as saying:

But days of torrential rainfall might force some small hydropower stations to close due to floods, then leading to the shutdown of mining machines.

Jiang Zhouer

Notably, available data does show the flagship cryptocurrency saw its hashrate drop at the same time analysts claimed the floods destroyed mining equipment. When asked about the drop, Zhouer claimed “the dip in hashrate this time was really no more than standard variance.”

Floods have been getting the crypto community’s attention. As CryptoGlobe covered, leading cryptocurrency exchange Binance has recently revealed it’s set to donate $1 million to flood victims in Japan, in cryptocurrency or in the Japanese Yen. The company’s CEO, Changpeng Zhao, asked for the community’s support.

Switzerland's Largest Online Retailer is Now Accepting Cryptocurrency Payments

Digitec-Galaxus, Switzerland’s largest online retail company, has reportedly decided to start accepting bitcoin (BTC) payments.

Digitec and Galaxus customers can now pay for goods and services with bitcoin and a few other major cryptocurrencies. In addition to BTC, users can make payments in XRP, ETH, Litecoin (LTC), Tron (TRX), OmiseGo (OMG), and NEO.

Digitec and Galaxus’ online retail outlets will also be taking payments in Bitcoin “Satoshi Vision” SV (BSV), Bitcoin Cash (BCH), and Binance Coin (BNB). Commenting on the Swiss retailer’s decision to start accepting cryptos, Oliver Herren, the co-founder and CEO of Digitec, remarked: 

Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development. We wanted to do that for a long time.

Coinify Will Help Convert Crypto Transfers To Swiss Francs

Herren added that Digitec decided to take cryptocurrencies as payment because people may have invested in them and they may want to use them. “Or because you cannot turn them into real money [since] your bank does not accept it. Or maybe just because you ...  like to try new things,” Herren said.

According to Switzerland’s e-commerce giant, it wants to encourage millennials, who may be heavily invested in the blockchain space, to start using cryptocurrencies for practical purposes such as paying for everyday goods and services. Price volatility of cryptocurrencies may not be an issue as Digitec and Galaxus will immediately convert crypto payments to Swiss francs using Coinify’s services, a third-party payment processor.

At present, crypto payments are only available for Switzerland-based users, however the company has said that it might allow customers in other areas to pay with crypto if their initial effort is successful.

Danish Food Takeaway Outlet Accepts Bitcoin Payments For Its 1500 Restaurants

In December 2018, Hungry.dk, one of the largest online food portals in Denmark, started accepting Bitcoin again. The food takeaway company handles orders from more than 1,500 restaurants in Denmark and had been accepting BTC payments since 2014. However, it had decided to stop taking crypto payments in late 2017 due to very long transaction processing times.

A representative from Hungry.dk noted (last year): 

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.