Crypto Mining Operation Catches on Fire as Bitcoin Hash Rate Still Climbs Up

A 9-minute video has been making the rounds on Twitter that shows a bitcoin mining farm eclipsed in flames.

The news of the fire first broke out when Marshall Long (@OGBTC), one of the first active Bitcoin miners, shared a clip on Twitter. Dovey Wan, the Founding Partner at Primitive Ventures corroborated the story by sharing a 9-min clip of erupting flames scorching a building. The farm was allegedly owned by industry-giant Innosilicon in China and Wan believes that the fire burned down a whopping $10 million worth of mining equipment.

Though Innosilicon is yet to comment on the incident, people believe that a combination of faulty wiring and bad PSUs is at fault. The videos were followed by Innosilicon announcing that the firm would have to delay its Grin G32 mining rig shipments “due to a shortage at the foundry.” The announcement on Twitter prompted a few speculators to wonder out loud whether the shipment delay had anything to do with the reported fire.

Although suspicions of correlation have not been confirmed yet, the fire comes at an odd time coinciding with the hashrate crashing quite dramatically on the same day spooking many quite early in the morning.

Since there is no smoke without fire, many speculative fire discussions on September 30 revolved around the hashrate anomaly that took place at roughly the same time. BTC’s hashrate saw a sudden dip and some people reported an unusual mining occurrence with BTC block 597,273.

The block #597,273 was blocked 119 minutes (nearly two hours) after its last blockchain. Antoine Le Calvez (@khannib) wrote on Twitter that such an event has only happened 10 times in Bitcoin’s history, the last time being in May 2014.

While this can simply be attributed to miners being unable to solve the block, the timing of both incidents seems a little too coincidental.

Other mining experts speculated that the loss to the bitcoin mining network may have helped bitcoin's recent price resurgence, which has seen its value rise by more than $500 over the last 24 hours.

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Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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