Bitcoin Forum

I am really posting this to see if anyone might have a little information on it. Videos are emerging of a Data Center in China (So people say) Burning down. It is estimated that around 10 million dollars worth of mining equipment was lost in the fire. At the exact time of the fire it just so happen that that there was almost a 2 hour (119 minute) block time for bitcoin? It is unclear whether the block time came before or after the fire though!  It was block #597,273 to be exact! From the information I am reading in all of BTC's history only 10 times has bitcoin EVER had a 2 hour block time. The last time being in May of 2014.  Is it a strange coincidence? Could that mining farm contribute that much to the network that the difficulty did not adjust yet? Some people are even saying that the 2 hour blocktime could have been a cause in the fire (I highly doubt)

This is an image of the fire along with boxes of I am guessing UNBOXED mining equipment that was saved as the fire hit!

Image of the Bitcoins mining farm fire!! (https://twitter.com/OGBTC/status/1178672341225738240)

More information about the fire is supposed to be released in the coming days.  It is unclear whether the fire truly happened or if it is pictures from a mining farm that burnt down back in 2014. Other people are saying that it was an entirely diffrent structure?  Could the fire have caused a change in Hashrate??? I have been looking around but cannot seem to find the website that has the Difficulty and Hashrate % 24 hour change?

What are your thoughts and does anyone have a link to the actual 24 percent change? Or am I just overlooking it?

And if this fire DID HAPPEN would right now be a good time to be mining? From what I have read the bitcoin difficulty will not change for another 13 days?

I think this is just FUD and some old footage that was re-cycled to create this FUD. How could things go back to normal within the next block, if the mining farm burnt down.  ???  I will look for the previous threads that discussed this topic and post it here, but most people says this is not a unnatural occurrence and that this was pure coincidence that it happened.

People seem to overreact when something like this happens and this result in people riding the wave and creating more FUD to manipulate the price.  >:(  Let's be realistic, would the mining operation be back in full operation in a hour or two after a huge fire like that?

Also, a $10 000 000 mining farm would not generate enough hashing power to have a significant drop in the total hashing like that.  ::)

I am not sure if the news was really true but if it was really true then it is a bad news to those who have invested and who have shares on that data center.  It is said that the difficulty in mining increases  and it may look bad but actually the increase of mining difficulty is a sign that miners are very supportive to the future of bitcoin industry. But I have doubts that the fire caused the dip or decline of the hashrate.

the only thing to know is this:
since there was absolutely no major changes in bitcoin's hashrate we know that either this was NOT a "major" mining farm and instead was a tiny mining operation or it is just some FUD that is being spread online to justify the previously spread FUD about the hashrate drop.

note that the drop that charts showed was due to a mistake in their calculation and was not real. you can see how it bounced back up.

Not every single one of news spreaded online about anything is real.This is for sure just a fud news and the poster just wanna get some attention and make some people believe him.Dont listen to that as long as you are experiencing no error dont panic

well, obviously, if that farm really had so much power in bitcoin's hashrate and caused 2 hours block time, then we can easily see that missing hashrate from total hashrate of bitcoin, right?
but as far as I can see there is no drastic change for it.. so I think this some kind a fake news to attract some attention  8)

It's not actually a mistake in calculation, but the actual calculation itself being imperfect in the first place:


I'm not sure if the fire actually happened due to the lack of sources, but since blocks are being found normally again, I'd say it's far more likely that the 2-hour wait was simply an aberration.

I don't really see it as legit cause as you can see on the twitter post, he didn't provide any sources. So where did he got that photo? If that's really true, at least someone can provide details like name of the bitcoin mining farm? any words by the owner? is it insured? If none, then its totally fake. Then why would we care? We can do nothing about it. It is not connected today.
  

Haha, this looks so fake. What are the chances of a 2 hour block occuring at the same time 10 million dollars worth of mining equipment got burnt down. I agree with Kakmakr, 10 million dollars worth of mining equipment wouldn't affect the network that much.

Look at the images, looks pretty doctored/recycled footage in my opinion, probably spread by fudders, or the goverment.

99 percent just a weird occurrence of the network.

I've checked the twitter account where you get your source and there was a comment there that it was faked and old picture way back 2014 and he even posted picture of the building that was razed by fire back 2014, but we still need to verify all these things,
It's so easy to create fuds by re-uploading and recreating an old articles but so far the price of coins is recovering.

The network already had bigger hashrate than in the 2 hours of "burning", so no significant devices "were lost". So it's just FUD.
And since OP was asking where he can see hourly hashrate graph, I've found this: https://data.bitcoinity.org/bitcoin/hashrate/3d?g=15&r=hour&t=a  (and select "no comparison" between pools)

No, it couldn't.

The difficultly only adjusts once every two weeks. We would expect the next difficulty adjustment to be in about 10 days. If a significant proportion of the hashrate suddenly disappeared for whatever reason, then we would be mining against a higher difficulty than we should be for the next 10 days, and therefore would expect the average block time to increase significantly. The 2 hours following the delayed block contained 14 blocks, so actually above average, and the last 2 hours contained 13 blocks, so also above average. In short, there has been no significant change in the hashrate over the last 24 hours.

I'm making no comment on whether that video was real, and whether a mining farm did actually burn down, but the network has been largely unaffected by it if it did happen. The 2 hour block time was random variance, nothing more.

10 million worth of equipment.
At 2300$ per T3 , that's Inno farm, right?,  it goes to 5000 miners.
Considering 57th, that's ~300 petahash.
The current  rate is ~90 exahash or 90 000 peta, making the farm less than 0.3% of the network.

So....
Fake news.


From where did you get your info?
I've found 150  ;D

Lol you did not have to go into that much detail. A simple explanation would have worked for me! Ha and fake news. Ok Trump lol!


Well then i believe you I just got my information off of the few articles I read about the burning farm. I know in the little mining I do here and there I have seen well over one hour block times quite a few times. As well as several 45 minute block times daily.  Also thanks for the hashrate charts. I agree I think it is just some fud.  I really do not see how a mining farm burning down could manipulate the price. As the only people it should really affect are the owners of that said farm (If it was even true)!

I’ll second that the Burning Equipment’s is indeed FUD as the owner has not responded to comment on this, hence it seems that the media has fabricated this entire story. As far as the 2 hour block time is concerned I’m pretty sure it has nothing to with this fire, and in due course of time we will find a logical explanation for this. We all should wait and here what the owner has to say, there’s no need to speculate and spread more panic.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-farm-china-fire-cryptocurrency-innosilicon-a9128246.html

Again no for sure on the fire, I posted about it yesterday in a thread where we discuss Diff increases and wishful hoping for drops. Over the last few days we have put in a Network Hashrate of ~86-87 EH (https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m), if this carries on it does give the impression that a lot of the network went offline. I say it because at the last adjustment we were putting in highs of around 102 EH, with all signs pointing to continued hashrate growth, a lot of preorders for dense efficient miners.
There are also factors like older gear coming offline as the price has dropped and Diff has been growing. Currently we are looking at about a 2% drop (https://diff.cryptothis.com/) in mining difficulty. This could change very easily and likely will. The reason being it's an estimate being done with only 33% of the Data; mined blocks.

Update: the alleged owner of the burnt mining farm just spoke out:


So either it didn't happen at all, or it was misidentified. It's looking to me like the original source of the video just wants attention, considering he didn't even say where he got it in the first place.

LOL, is the information just a photo proof? What is your FUD purpose? Do not scare us, Bitcoin investors!
These devices are really worthwhile, with a farm, this amount can reach hundreds of thousands of dollars. I don't think anyone will ruin this money!

Then yes it must be considered FUD. I wasn't sure that is why I asked here. Really good to know I will go on and block that member on Twitter. I am not sure how it would cause a market change though. I could it understand if it effected the mining hashrate but I do not see how it would effect the market.

Thanks jseverson for the link I appreciate it. Good looking out.

The information given was 95% FUD I am going to lock the topic Thank you to all who posted with information about this topic. I am going to ignore the post. I was just more curious then anything!