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.