Bitcoin Mining Mega-Farm Burns Down
“More details are still emerging about the Bitcoin mining facility in China. Yet, some are already comparing the event to 2014 when a similar story broke of a fire at a Bitcoin mine. It was then that millions of dollars were lost in equipment. Although some were claiming that the video was actually from then, the burning building in the video posted by Dovey Wan appears to be a different structure entirely.” https://beincrypto.com/footage-of-bitcoin-mega-mining-farm-burning-down-surfaces/
“Commentators on social media were swift to air concerns that the blaze was to blame for a reported drop in Bitcoin’s hash rate.
On the day it occurred, estimates of network computing power involved in processing transactions dropped from 86 quintillion hashes per second (h/s) to 82 quintillion h/s.
As noted previously, however, hash rate estimates provide only a limited view of Bitcoin’s overall health. Last week, what appeared to be a 40% hash rate plunge, later was widely ignored by technical graphs.
As Cointelegraph reported previously, the rainy season in China’s northwestern Sichuan province has spelled disaster for at least one more Bitcoin mining farm on Aug. 20.”