Massive floods wipe out crypto mining farm in China, miners suffer losses

  • China’s Sichuan province was affected causing loss of over 1 million yuan. 
  • Miners will have to bear the losses as insurance policies do not cover such cases.

According to a report by Chinese crypto media outlet 8btc - heavy rainfall has flooded a cryptocurrency mining farm in China’s Sichuan province. This has caused loss of over 1 million yuan (~$140,000) for some miners. On Tuesday, Poolin - the fourth-largest mining pool by hashrate - tweeted two short video clips of the farm on Tuesday showing its crew “digging out miners [machines] from the mud.”

Molly Zhang, an admin of Poolin’s official Telegram channel, reported that while Poolin did not own the mining farm, some of their customers used the area's hosting services. lylian Teng, an editor for 8btc, reported that some Sichuan mining farms are “indeed damaged,” citing anonymous local sources. Tang further added that the situation was “not that serious like...last year.”

8btc also reported that the miners will have to bear the losses from the damage as insurance policies do not cover cases as such. The report, however, hasn’t mentioned how much mining equipment was "wiped out" in the flooding.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast