Large bitcoin farm in Thailand burns down

[johncarpe64]

very bad news i hope noone was hurt

[Febo]

How much toxic pollution was here made?

[keackh]

Its a disaster!

[ferall]

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

No chance.

[arnuschky]

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

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. 

[dreamspark]

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

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.

[cryptoservices]

O, the humanity!

[johnyj]

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

[ruthless09]

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

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

[clace997]

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

[harrymmmm]

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

Also, please keep racist slurs out of the forum.

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.

[Zawamiya]

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

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. 

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

[eden1]

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

[fryarminer]

Dang!

You've been Goxed!

[santaClause]

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

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. 

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.

[beaknuke]

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

[ScreamnShout]

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

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

[Mak J]

Wonder how much hashing power was lost

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

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!

[RobertDJ]

Wonder how much hashing power was lost

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

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!

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

[ScreamnShout]

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

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. 

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

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.