9 Oct, 2019

$10M Mining Farm Fire Takes Blame as Bitcoin Hash Rate Wobbles

The Bitcoin (BTC) network was freshly disrupted on September 30 as fire elements destroyed $ 10 million worth of mines.

A video of a alleged Bitcoin miner firing appears
According to Marshall Long, one of the first active miners of Bitcoin, the giant data center of the mining company Innosilicon, began to burn on Monday. Details remain sparse, but a video has emerged showing the machines are still running despite being burnt.

Dovey Wan, founding partner at asset encryption company Primitive Ventures, added that the total value of the equipment ranged from about $ 10 million.

During the press, Innosilicon had made no public comments either formally or in social media.

The riot rate is racing high
Social media commentators have been quick to air concerns that the blame is to blame for a reported drop in Bitcoin fragmentation rate.

On the day they appeared, estimates of the computational power of the network involved in processing transactions decreased from 86 quintillion hashes per second (h / s) to 82 quintillion h / s.

As noted above, however, hashing rate estimates provide only a limited picture of the overall health of Bitcoin. Last week, what appeared to be a 40% fall in the hash rate was later largely ignored by technical charts.

As Cointelegraph said earlier, the rainy season in northwest China’s Sichuan province has caused the destruction of at least one more Bitcoin mining farm on August 20.