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

[teminalibug 109]

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 62]

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. 😉

[anikamishti 0]

Thats really a big mess. A massive loss which is irrepairable. Obviously, Not a good news at all. We, the crypto lovers are shocked at this news. I won't want to see something like that in future..

[Aceventura 7]

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. 

[fardin1 0]

Stressful press of course. This vast decrease! I realize the simplest way it again has the opinion. Her really challenging to try. A great deal more see to it to make certain that many of these detail do not ever manifest ever again through forthcoming.

[Hamden 14]

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 35]

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 ?? !!

[fardin1 0]

Outrageous news flash in truth. This sort of substantial great loss! I see the best way them believes. It has the very hard to use. Provide use caution so these element under no circumstances materialize just as before around long run.

[Awaremooner 151]

On 10/5/2019 at 12:01 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

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

[teminalibug 109]

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.

[Awaremooner 151]

10 minutes ago, teminalibug said:

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.

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. 

13 minutes ago, teminalibug said:

Chinese unlike any other country in the world are serious about their policies,

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

[Terror 0]

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 centre operated by Innosilicon, according to bitcoin mining expert Marshall Long, who posted pictures of the fire on social media.

[teminalibug 109]

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.

[Goodcoin 7]

On 10/5/2019 at 12:01 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

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.

[teminalibug 109]

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.

[Goodcoin 7]

24 minutes ago, teminalibug said:

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

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.

[teminalibug 109]

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.

[Goodcoin 7]

4 hours ago, teminalibug said:

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.

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.

[teminalibug 109]

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?

[Goodcoin 7]

15 hours ago, teminalibug said:

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?

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.

[Digicoin 38]

On 10/5/2019 at 12:01 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

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

[teminalibug 109]

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.

[Goodcoin 7]

9 hours ago, teminalibug said:

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? 😮

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.

[teminalibug 109]

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.

[hmind 4]

China is a paradise for miners with low electricity costs there. So naturally, large mining companies will think of opening their mines in China because from there they can get a sizable profit.