December 8, 2023

In China, a giant mining farm burned down. What is the hash rate?

A video of a fire at a Bitcoin mining farm is circulating on Twitter. According to preliminary data, lossesfrom the fire reach $10 million.

Dovey Wan (@DoveyWan) reports a fire at a large Bitcoin farm. Details of the incident continue to emerge.

Fire destroyed $10 million worth of equipment

While there is no complete certainty that the facility is located in China, however, losses from burned-out mining equipment are estimated at $ 10 million.

There are rumors that the fire may be relatedwith strange anomalies in the Bitcoin blockchain. A user under the nickname Wiz (@wiz) reports that the fire coincided with a two-hour break in the appearance of blocks in the Bitcoin network. “It’s probably just a coincidence,” he writes, but the coincidence is truly strange.

In particular, block 597,273 was mined 119 minutes after the previous one. According to Anthony Le Calvez (@khannib), this has only happened ten times in the history of Bitcoin. The last time was in 2014.

The full picture of what happened is not known.Perhaps the situation will become clearer when details from the scene begin to emerge from China. However, some are already drawing parallels with an incident that occurred in 2014, when a Bitcoin mining farm also burned down. Then millions of dollars worth of equipment went missing. Some claim that this is an old video from 2014, but in the video posted by Dovi Van, it appears that a completely different building is on fire.

Questions remain about Bitcoin hashrate

Lately there has been controversy over speedhashing in the Bitcoin network. The reason for the debate was the drop in c, especially after it fell from 98.12 exahash on September 22nd to 67.38 exahash on September 23rd. It has since fully recovered, but the collapse has spooked some industry experts. There is still no consensus on whether this drop was a statistical anomaly, or whether we are dealing with something more serious.

The story of the fire in China will become clearer as new information becomes available.