Cryptocurrency News

Bitcoin Mining Machines Burst Into Flames: $10 Million Lost

10 million of Bitcoin lost

By all accounts, a local Chinese Bitcoin mining farm caught fire (exact time not known). And engulfed Innosilicon equipment worth millions of dollars.

Bitcoin is on fire, albeit in a literal sense. The mishap was first reported by Twitter handle @OGBTC with an image from the actual site. And to support the authenticity of the Primitive Crypto Founding partner Dovey Wan posted a relevant video clip of Bitcoin mining equipment aflame

That said, it is interesting that the miners were operational as the flames engulfed them. A lot of equipment fan noise is audible in the video’s background.

After a week-long stride of price shedding, Bitcoin pumped up by close to 8% today. There might be some correlation between the price surge and the mining fire. But we still need substantial evidence to conclude that.

The community is curious to know if this fire was the source of slower hash rates observed lately. Yesterday, around 1:30 pm UTC a user reported that the last block took close to 2 hours to process. And an hour later Anthony M tweeted 30K unconfirmed Bitcoin transactions.

Once again Innosilicon is in news for the equipment fire. As the Innosilicon miners powered this Chinese data center. In 2014, a Thai Bitcoin mining farm using Innosilicon miners had caught fire in 2014. It raged for 30 mins leading to extensive damages.

Besides, earlier in 2018, 15 Innosilicon A5 DashMasters reported having caught fire.

The community thoughts stand divided. Either the equipment was faulty or the bitcoin farm was not profitable enough and thus a foul play.

We cannot conclude anything unless a piece of concrete evidence surfaces. Stay tuned for the updates. 

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button