$10 Miliion Bitcoin Mining Farm went down to flame in China

[teminalibug 309]

i just found this video on twitter bitcoin mining burnt down in china, damm, what a mess!, anyway i dug this up and Sources say the mining farm belonged to the company Innosilicon and roughly $10 million worth of mining rigs were destroyed

https://chry.somehow.live/life-style/gadgets-and-tech/news/bitcoin-mining-farm-china-fire-cryptocurrency-innosilicon-a9128246.html

[BullRunBit 257]

Just now, teminalibug said:

i just found this video on twitter bitcoin mining burnt down in china, damm, what a mess!, anyway i dug this up and Sources say the mining farm belonged to the company Innosilicon and roughly $10 million worth of mining rigs were destroyed

https://chry.somehow.live/life-style/gadgets-and-tech/news/bitcoin-mining-farm-china-fire-cryptocurrency-innosilicon-a9128246.html

You can see discussion and video here:

There are many speculation why hash rate drop, but no one know what is correct reason for that.

You can see original news and video in post above in topic. 😉

[Aceventura 10]

Shocking news indeed. Such a huge loss! I understand how it feels. Its really hard to take. We should be careful so that such thing never happen again in future. 

[Hamden 82]

Thanks for your interest my friend.
Shocking news I read from your article, a loss of $ 10 million from mining equipment.
A big number, is it a company with risk insurance?
Or this kind of industry has no insurance in China, wait for you to answer my friend ...

[Crypto123 516]

In fact I couldn't open the link there seems to be a problem on the site, but this news really draws attention how can burn so many of these Mining Farm !!! What caused these fires is due to mining and high temperature devices or because of another natural ?? !!

[teminalibug 309]

8 hours ago, Awaremooner said:

The crack down on bitcoin mining in China is this serious! Without any thoughts for the amount invested, the government just chose to burn down an investment of this magnitude. Where will Innosilicon starts from? No notice to pack up. Too sad a news for crypto lovers

Chinese unlike any other country in the world are serious about their policies, here is Tanzania they built a football stadium, but the minister who was managing the construction was then hanged for not building a quality infrastructure.

[teminalibug 309]

Just now, Awaremooner said:

Policies or no policies, do you then believe Innosilicon, operating in China didn't know this? I'm sure the mining farm isn't expecting such a crackdown. 

When you say this, it make it seem add if the mining farm is working in China and oblivious of China policies

About Chinese policies I'm talking about generally, they say the do not want for their citizen to use social media and it happened, then they said they do not want crypto use and it happened. This burnt down is juts another governmental conspiracy.

[teminalibug 309]

Just now, Goodcoin said:

This is really a bad news. But, as you know, the lesser the people that mine, the more the gain. But, the news was a sad one to be earnest.

I'm not a miner so the more mining activities does not affect me negatively rather positively as it leads to fast transactions.

[teminalibug 309]

Just now, Goodcoin said:

Sure, you are right. The more the people that mine the faster the transaction. But still, some transactions clearance time can still be prolonged even taking hours. This happens in bitcoin blockchain.

That is only because mining gets expensive sometimes, makes me wonder how mining would be after the halving because they say that mining cost will increase.

If Bitcoin does not go up after the halving could be the end of mining.

[teminalibug 309]

3 hours ago, Goodcoin said:

Mining can not end. Even the transaction fee that are deducted from transactions are given to them. Even, if all the coin has been mined, they will still get money because they are one updating the ledger. 

Secondly, it is certain the the price of bitcoin will trend up after halving and altcoin prices would follow.

hmmm, I do not understand the part where you said that mining will still go on eve n after all coins have been mined. And what is the ledger?

[teminalibug 309]

14 hours ago, Goodcoin said:

Blockchain ledger is just like a book where all transaction records are recorded and kept. This ledger is updated by miners and in  return they are paid the transaction fee.

Transaction fee + Mining reward = 12.5 bitcoin

 

People only think the 12.5 bitcoin is only from mining. But, transaction fee is among for updating the blockchain ledger.

Ah!, you have told me a very new thing that I came to  realize might actually be true, your text is very professional, if i may ask, who are you? 😮

41 minutes ago, Digicoin said:

This is a shock story. To be serious and sincere. And mining equipments are very expensive. This is a great loss.

I juts hope the time they have been mining, has already paid of for all they losses they incur, maybe they have enough money to start over.

[teminalibug 309]

14 hours ago, Goodcoin said:

I have read many articles on bitcoin many. That is the reason I know much about it. I wish to mine but later knew it is not as profitable as before.

That's great, So about mining; is it not profitable in your country alone or it is simply not profitable to new miners.

[Akbor 58]

I think this is a very bad news for all crypto lover. mainly mining is needed for increasing the total supply. every new btc is created according to the transaction. I think this problem may be solved or the loss may be recovered by another way.

[teminalibug 309]

Just now, Goodcoin said:

Bitcoin and other top coin use ASICs to mine, it is the most efficient and the latest. It costs nothing less than $19,000 or more depending on the hash rate.

If miner join mining pool and making profit, he can only make 0.002 satoshi in a day. So, this will even take more than two or three year to make 1 bitcoin which is worth $7,500 at present. 

What about the electricity cost. 

I can not advice someone to mine because it is not profitable and it is getting less profitable everyday.

 

 

So the conclusion is mining is on only profitable to those who have been in mining for a long time, not new comers.

Just now, Akbor said:

I think this is a very bad news for all crypto lover. mainly mining is needed for increasing the total supply. every new btc is created according to the transaction. I think this problem may be solved or the loss may be recovered by another way.

If they got money or insurance to rebuild their machines, then it will be fine, but if not, that's juts a loss in bitcoin market.

[Adiegumabao 88]

On 10/5/2019 at 7:01 PM, teminalibug said:

i just found this video on twitter bitcoin mining burnt down in china, damm, what a mess!, anyway i dug this up and Sources say the mining farm belonged to the company Innosilicon and roughly $10 million worth of mining rigs were destroyed

https://chry.somehow.live/life-style/gadgets-and-tech

On 10/5/2019 at 7:01 PM, teminalibug said:

i just found this video on twitter bitcoin mining burnt down in china, damm, what a mess!, anyway i dug this up and Sources say the mining farm belonged to the company Innosilicon and roughly $10 million worth of mining rigs were destroyed

https://chry.somehow.live/life-style/gadgets-and-tech/news/bitcoin-mining-farm-china-fire-cryptocurrency-innosilicon-a9128246.html

/news/bitcoin-mining-farm-china-fire-cryptocurrency-innosilicon-a9128246.html

Why what happened? I can't seem to open the link you put. Was it owned by some company? Did people died? What was the cause of the fire? Huge loss of money. Imagine you're the one who own the Bitcoin mining, you would be pretty bummed

[teminalibug 309]

5 hours ago, Adiegumabao said:

Why what happened? I can't seem to open the link you put. Was it owned by some company? Did people died? What was the cause of the fire? Huge loss of money. Imagine you're the one who own the Bitcoin mining, you would be pretty bummed

The link was broken from that source site, but you can also follow the news here https://interestingengineering.com/huge-bitcoin-mining-farm-burns-down-in-china-destroys-10m-in-computers

[hassanmnr 4]

cryptocurrency advocates shared a video on Twitter which shows a large fire destroying a warehouse filled with bitcoin mining rigs.
Very bad with China Who was sorry
 

[fahin1 5]

Striking current information truly. An extremely significant deprivation! I realize the way in which it all is. A really difficult to have. We must watch out to make sure that these types of idea for no reason come to pass for a second time during near future.

[teminalibug 309]

3 hours ago, Don Cee said:

What a tragic news those it mean nothing can be done to recover any of the loses 

I do not know,  do not think the was anything recovery, the fore was too hot and  the loss was too big.

[tung12345 1]

Though the amount at dispute may seem insignificant, the case sheds light on the increasing investments by institutions in China into an area where even public entities typically shy away from public discussions.

[Arsm 5]

Any reason for the fire? Electrical or just the miners heated up and caught fire? I dont know much about the things in mining rigs but even if the fire was put out using water or ice etc., will the mining rigs still be damaged?

[jacker 36]

I'm so sorry, condolences. I was shocked to hear this. Everything is very difficult and challenging. I hope this never happens again.

[Whited35 863]

I heard the news like this, "A fire at a major bitcoin mining farm in China has destroyed millions of dollars worth of equipment, according to reports. The incident took place on Monday at a data center operated by Innosilicon" ! So sad. 

[bentayebsalah 288]

This is sad news that this equipment is lost and burned, but I think it happened because of the great pressure or something went wrong which made this mining farm burn.

[Thekingcallme 176]

5 hours ago, bentayebsalah said:

This is sad news that this equipment is lost and burned, but I think it happened because of the great pressure or something went wrong which made this mining farm burn.

Losing such a large amount of money due to a truly unfortunate commanding fire accident will be difficult to compensate for what was lost