Bitcoin Mining Mega Farm Burn Down In China, Destroying $10M Of Cryptocurrency Machines


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.

Dovey Wan, a founding partner at cryptocurrency firm Primitive Ventures, estimated that the total cost of the damage was around $10 million (£8.1m).

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

Bitcoin mining is the process of generating new units of the cryptocurrency by solving complex mathematical problems. It requires vast amounts of computer processing power and is therefore extremely energy intensive.

Recent estimates suggest that the mining network that supports bitcoin uses as much energy as the entire nation of Ireland and some scientists claim it has put the world on the brink of an environmental disaster.