Bitcoin Hash Rate Slows Uptrend as Fire Scorches Mining Farm

Ouch, Crypto Mine on Fire

While Bitcoin is a digital coin, it has a physical component: nodes and miners. A network of tens of thousands of mining machines constantly process transactions and place them into blocks, creating a chain.

Due to their physicality, these machines are susceptible to risk. A “mega farm” recently found this out the hard way.

According to a video clip first circulated by a long-time cryptocurrency miner Marshall Long, a farm from industry giant Innosilicon (purportedly located in China) recently went up in flames, leaving the building’s frame scorched. While Innosilicon itself has yet to comment on the matter, the news was also shared by prominent Chinese cryptocurrency investor Dovey Wan, who added to the news by stating that the fire “claimed $10 million worth of mining machines”.

At the same time that this clip spread, a slight decline in Bitcoin’s hash rate could be observed, with the metric falling from just over 91 exahashes per second to 90…