A conceivable amount of mining power regarding Bitcoin and other cryptocurrencies is made available through China due to low-cost electricity and the availability of the top computing solutions. Sadly there has been a gas explosion in one of the Chinese coal mines that used to power the Xinjiang Bitcoin mining operation. This specific gas explosion also led to the flooding of the space, and it has potentially hurt the mining operation going on in Xinjiang. The network’s hash rate was hurt pretty badly, and it dropped all the way to 64 Eh/s, and the central authorities at the moment are trying to conduct some safety inspections so things could be taken back up to speed.
Talking about the causalities, a total of 12 workers died at the scene where more than 21 were trapped inside; this not only led to a catastrophic event where human life was ripped off, but the Bitcoin’s official hash rate dropped by 25% due to which its price is in the freefall at the moment.
Dangerous Mining Practices Lurking along with the Scenes in China
The mining practices in China are pretty sub-standard, these practices are not properly regulated, and the policies around these are far from being propagated in a manner that ensures the safety of the workers and efficient drilling of the mines. There was another accident on April 10 in Fengyuan coal mine that led to the entrapment of about 29 workers almost 1200 meters underground, but after some days, about 8 of those were rescued, and still, the operation is in effect to bring other workers to safety as well.
The operation led by rescue authorities is still in the works, and water is being pumped out and oxygen inside the tunnel to ensure the safety and quick recovery of the entrapped. All these immature practices bring the whole nation’s attention towards these malpractices that have been going about without any notice. It is only last year that about 434 mining happenings, along with 573 deaths, were reported. If proper policies are not drafted and put into action, then these mining sites might not recover, which means a massive pushback for Bitcoin, but nothing could be said for sure at the moment.