Bitcoin

With rolling quarantines on my agenda for much of this year, there are days where I lose track of the weather outside my window, yet alone what’s happening across the world. Luckily, Twitter helps me keep a pulse on global events, such as informing me that China is currently experiencing extreme rainfall and flooding. While that’s not unusual during their rainy season, which typically runs from April to September each year, the amounts have been historic this summer. For example, Sichuan province was just hit by the largest flood in 70 years only a couple of days after another serious flood swept through the area. In addition to the more localized damage caused by the flooding, one of the bigger fears is the stress this will place on the Three Gorges Dam, the largest hydroelectric dam in the world, which sits just downstream. Why are you reading about this on a crypto research website? Because, at any given time, Bitcoin miners in China are estimated to comprise ~70% of global hashrate.

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