A 2.5-hectare Bitcoin mining company situated in Thailand, has burnt down after catching fire on the 14th of October. At the time of the fire, the 5 Mw mining facility was home to over 2,000 top of the line miners including hardware from Innosilicon & Spondoolies Tech. Early reports suggest that the fire could be responsible for the sudden drop in hash rate that the network saw in October.

Extent Of The Damage

Bitcoin Mine On FireThe blaze raged for over 30 minutes engulfing the 3 buildings of the facility., resulting in 2 collapsing. Exact figures to the extent of the damage have not been announced but many have speculated that there was at least $2 million worth of Spondoolies Tech hardware alone. Fortunately at the time there was limited staff on the premises with only 2 security guards on duty and no one was injured during the fire. Local media reports have stated that the fire may have spread so quickly due to the adhesive used to hold acoustical foam in place. According to Cownboyminers representatives, the company had no insurance. But the company’s profit should be enough to refinance and resume operations.

The Cause Of The Fire

The cause of the fire remains unclear though theories are rife, ranging from foul play, to a short circuit being the cause of the fire. Authorities have not ruled out arson at this time and a member of staff has supported this theory, explaining that there was no known electrical faults prior to the fire:

Cowboy miners before fire

“There was absolutely no failure anywhere, no wiring failure. It wasn’t damaged, it was fine. The only cables you see are the power cables of the miners themselves … The electrical system was working, there was no short and there is no short even now.”

Another theory is that the ventilation inlets could have been responsible for feeling the fire, allowing it to spread so quickly.

According to Spondoolies CEO, Guy Corem, they are willing to assist the company in salvaging some of the hardware that can be saved. He also said that the equipment used by Cowboyminers had functioned properly for over two months. Aside from this, he added that the technical data of the company signified that the equipment had been properly cooled.

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