Suspected Crypto Mining Farm Burns Down With Over $60,000 Of Hardware

In Chiang Mai, Thailand, a possible cryptocurrency mining farm has been destroyed by a fire, causing $60,000 worth of damages to 72 servers.

Ouch. Fortunately, no one was inside the building when the fire broke out on Friday, and residents reported that the fire took a considerable amount of time to contain and extinguish, so it's lucky that the fire department arrived when they did. CityNews has a selection of photos that shows the extent of the damage for the curious cats among us. This year, about a quarter of all GPUs sold have made it into cryptocurrency mining farms, which is a very depressing statistic. These products, including the coveted Nvidia GeForce RTX 3080, RTX 3070, RTX 3090, are components that can compute proof of work at an enviable rate, allowing their users to gain more and more cryptocurrency.

Let me tell you a lovely story - a man had approximately $240 million in bitcoin stored on a hard drive, some years before bitcoin became as big as it is today. In that period, he managed to lose the password to that hard drive and the sum disappeared before he could cash it in. Here's what he had to say about it.

Though cryptocurrencies are the hot new thing, they're suffering from a blight of bad publicity. Steam does not permit "applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs," China has outlawed all cryptocurrency related transactions, and Sweden's authorities would like to see cryptocurrency mining banned throughout Europe. "It is currently possible to drive a mid-size electric car 1.8 million kilometres using the same energy it takes to mine one single Bitcoin,” read the letter from the country's leaders of its financial supervisory authority and environmental protection agency. Arguably, it's not a brilliant look in the same year that the rate of melting of the "doomsday glacier" in Antarctica has reached a critical level.

That isn't counting the shocking digital heists that have plagued proponents of this fiat currency. In a swap, transfer, and wash move, over $200 million was stolen from Bitmart and instantly sold, leading to an unprecedented decrease in the value of meme tokens like $SHIB, $ELON, $LUFFY and more. Bitmart's CEO has assured those affected that they will be recompensed out of the company's own pocket.

Topics: Cryptocurrency