Watch Bitcoin-Mining Mega-Farm Burn To Ground In China

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Watch Bitcoin-Mining Mega-Farm Burn To Ground In China

On Monday, a video surfaced on social media which shows mining company Innosilicon’s monstrous data facility burning to the ground in China. Details remain limited, but several social media users have said the total worth of equipment destroyed in the fire is upwards of $10 million, reported Cointelegraph. 

One of the first reports of the fire surfaced Monday at 10 am est. by Twitter handle Marshall Long who tweeted: “The big datacenter from Innosilicon just went nuclear $BTC @DoveyWan did you see this?” 

By noon on Monday, Twitter handle Dovey Wan tweeted: “As @OGBTC already broke it, here is the real footage of a local mega farm caught on fire… Which claimed a lost of $10M worth of mining machines.” 

While details are limited, news.Bitcoin.com’s Chinese sources are indicating the $10 million mining facility was located in the Inner Mongolia region, burnt to the ground due to “faulty wiring and bad PSUs.”

Another source confirmed Innosilicon operates the mining facility. Still, the company on Wednesday denied that its facility burnt down, tweeting: “In the last couple of days, a rumor is circulating about a fire in alleged Innosilicon farm causing ten million dollars miner equipment loss. We can say with 100% certainty that the fire was not related to Innosilicon and there has been ZERO Innosilicon property or equipment loss.”

Social media users were worried that the blaze was connected with a hashrate anomaly that took place at the same time. Bitcoin’s hashrate dropped on Monday and one Twitter user detailed the disturbance:

“Block 597,273 was mined 119 minutes after its parent,” tweeted Antoine Le Calvez. “This happened only 10 times in Bitcoin’s history, the last time in May of 2014.”

Watch Bitcoin-Mining Mega-Farm Burn To Ground In China

As noted previously, the hashrate plunged a record 40% on Sept. 23, in a sudden, unexplainable shock. 

Watch Bitcoin-Mining Mega-Farm Burn To Ground In China

Since the Sept. 23 hashrate drop, Bitcoin has plunged -15% in 216 hours.

Watch Bitcoin-Mining Mega-Farm Burn To Ground In China

We’ve reported previously, a devastating rainstorm in China’s Sichuan province triggered mudslides, forced local hydropower plants and cryptocurrency miners to halt operations. 


Tyler Durden

Thu, 10/03/2019 – 17:45

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Author: HEDGE

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