Bitcoin Forum

Wonder how much hashing power was lost

https://twitter.com/L0gg0l/statuses/530379067208765441

 :'( thats terrible to watch :'(

It's horrible... :-X :-X :-X...

I really hope and pray that this kind of situation never comes back again.

Wow, crazy....something tells me they don't have insurance.

really ?? they turned a wooden barn into a mining farm data center ?? wow i have never seen that before.

It has been confirmed that there was no insurance

http://www.coindesk.com/gallery-fire-destroys-thai-bitcoin-mining-facility/

how does this affect the bitcoin enviroment?
more dump or lower dump?
i don't really know

Muuuuhahahahha...crazy arse asians are always doing dodgy shit.

Interesting, another risk of centralized mining operations. They have to buy insurance and invest more in security. All overhead that individuals owning 1 ASIC each do not need.

Market not yet responded

Mining has its risks.

Wonder what it was insured for.  I wouldn't put it past desperate miners to burn down their farm in order to recoup the costs they paid for their now unprofitable equipment. 

It is reported above that there was no insurance (insurance is not as common in less developed parts of the world).

I am personally curious as to how much mining capacity (in terms of PH/s) was lost

Someone posted the original story on twitter and theres no mention of bitcoin mining there..

Maybe it was just a data center?

Apparently not much:

http://bitcoin.sipa.be/speed-lin-10k.png

Haha. That's a typical thai mindset tho.

Seems like it. Wondering already how Coindesk made this up:

But then, it's Coindesk after all...

It wasn't a wooden shed.
It was operated by expats.

Also, please keep racist slurs out of the forum.

twitter says it happened 14th october.

hashrate was 266peta and dropped to 243peta so less then 10% of the network at most

very bad news i hope noone was hurt

How much toxic pollution was here made?

Its a disaster!

No chance.

bleeding-edge hardware - check
high power consumption - check
dense packaging - check
time-critical installation - check
possibly suboptimal cooling - check
possibly hastily trained personnel - check

I think no insurer in their right might would cover a bitcoin mining operation.  :-\

Im sure some insurers would cover farms, Id bet that a lot of the western farms operated by the bigger operators are insured in at least some capacity.

Risk and reward though for the operator. The operation would have paid big with the cheaper power/staff/rent by being where it was and possibly somewhere nobody would insure it.

O, the humanity!

They are already running underwater, mined coins does not cover the electricity cost, so they decided to have a fireworks  ;D

Is this confirmed? The news reports implied that the miners were still somewhat profitable. Also the miners would have some level of resale value

From the looks of it, the fire protection wasn't done well. they could have invested more on fire protection for these expensive ASICS.

Assuming you're talking to me:

I meant it as a cultural slur, yes. Nothing racist intended. It was also relevant to the discussion.
Expats are quite susceptible to the thai mindset too.

PS I live in Thailand, so what I said was (maybe) arguable, but certainly not baseless.

Agree, even if there is insurer the premium would be so high that it would not be worth buying....

i wonder if it was owned by pb mining or one of those miners

Dang!

You've been Goxed!

I think it would be possible to insure your bitcoin mining operation, however the insured amount would likely need to decline over time as the difficulty increases. The insurance rates would also likely move in ways similar to hazard insurance with houses - as more "safety" features are used, the premiums are lowered.

if it was a mining farm, might explain the Zen pool dips!

This would be quite an expensive show, however I somewhat doubt you are correct, as most of the equipment that reportedly burned down was still economical to use

I wonder why someone who had as much money to buy as much ASICs hadn't tought about the place where the devices are working - this place looks like a shed! :P

That is only the "after" pictures after the fire had destroyed the mining farm. There are also "before" pictures of the farm that are much more professional

Any insurance provider is going to charge you the NPV of paying out a claim when taking the risk of having to payout such a claim, plus some amount for administrative costs and profits. Anyone buying insurance is doing little more then spreading the risk among many people who are in similar situations.

This was a group of Europeans ex-pats the article said, or are you implying the asians burnt it down?

looks like a bit of kerosene was used,

Oh the humanity

That said I'm curious how much hash that mining center had operating, but still it seriously would suck for whoever invested that much into units and they have my condolences.

(Lesson to learn here invest in proper safety mechanisms)

Why is it bad news? It's competition, perhaps the difficulty rises less fast.
Perhaps a lot of bitcoins were lost too, that decreases the supply and price can easier rise.

Ok I got it. It's sad for the people involved, my condolences.

But in business: The one his death is another man's bread. I guess we all got a tiny slice.

I'm sure there wasn't any bitcoins lost in the fire, they would of had that stuff mining straight into a wallet located on a off-site computer.

I don't think anyone actually died in the fire so condolences would really not be appropriate.

I do however think it is bad for the people who owned the farm as the fire likely resulted in losses for them (assuming the machines were still profitable on an operational basis)

https://ihb.io/2014-11-09/news/official-coindesk-longer-voice-digital-currency-2-13449

https://ihb.io/wp-content/uploads/2014/11/It%E2%80%99s-official.-Coindesk-is-no-longer-the-Voice-of-Digital-Currency.jpg

Condolences are an expression of sympathy to someone who is experiencing pain arising from death, deep mental anguish, or misfortune.

Condolence is not always expressed in sorrow or grievance, it can also be used to acknowledge a fellow feeling or even a common opinion.