Rains in China have a significant influence on bitcoin’s hash rate. The first cryptocurrency may drop not only due to regulators’ bans but also because of dry weather.
China is the world's mining capital. There are main facilities for mining bitcoin and other digital currencies. However, mining requires a lot of energy and local miners are searching for ways to reduce their expenses.
In autumn, most of Chinese miners move their farms to the province of Sichuan. It is famous for a large number of hydroelectric power plants that produce a fairly large amount of cheap energy during the rainy season. However, this year, the situation has changed. By the end of October, the capacity of bitcoin mining equipment dramatically dropped together with the amount of precipitation. As a rule, during this period, miners receive the largest profit. The fact is that the rainy period unexpectedly came to the end, thus causing lower activity of the cryptocurrency producers.
Of course, it is a seasonal phenomenon that the bitcoin community has been observing for several years. That is why miners regularly change their location. In fact, they are already moving their farms from the region to the territory of Inner Mongolia or even abroad.
