Flooding in China effect on bitcoin

Carson

New member
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?
 

Calvin

Member
What are peoples thoughts on the effect of flooding in China.
that there is no flood (yet)

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
 

Ivan

Member
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.
 

Kaiden

Member
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.
 

Stone

Member
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).
 

Giovanni

Member
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.
 

Jesus

Member
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.
 

Cole

Member
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-t...aire-says-three-gorges-dam-collapse-imminent/
 

Ashton

Member
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.
 

Juan

Member
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.
 

Jair

Member
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.
 

Diego

Member
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.
 
Top