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Topic: Large bitcoin farm in Thailand burns down (Read 6387 times)

full member
Activity: 178
Merit: 100
November 14, 2014, 05:04:53 AM
#48
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 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)

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.
vip
Activity: 1428
Merit: 1145
full member
Activity: 155
Merit: 100
November 13, 2014, 12:12:11 AM
#46
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 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)
legendary
Activity: 1638
Merit: 1010
https://www.bitcoin.com/
November 12, 2014, 07:00:41 AM
#45
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.
full member
Activity: 178
Merit: 100
November 12, 2014, 06:49:32 AM
#44
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.
legendary
Activity: 2758
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
November 12, 2014, 04:27:01 AM
#43
Wonder how much hashing power was lost

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

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)
legendary
Activity: 1344
Merit: 1000
November 12, 2014, 02:33:49 AM
#42
looks like a bit of kerosene was used,
legendary
Activity: 1638
Merit: 1010
https://www.bitcoin.com/
November 12, 2014, 02:20:09 AM
#41
Muuuuhahahahha...crazy arse asians are always doing dodgy shit.
This was a group of Europeans ex-pats the article said, or are you implying the asians burnt it down?
full member
Activity: 206
Merit: 100
November 12, 2014, 02:09:26 AM
#40
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.  Undecided

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.
full member
Activity: 155
Merit: 100
November 09, 2014, 02:51:46 PM
#39
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! Tongue
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
newbie
Activity: 21
Merit: 0
November 09, 2014, 09:14:54 AM
#38
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! Tongue
full member
Activity: 206
Merit: 100
November 09, 2014, 04:08:55 AM
#37
They are already running underwater, mined coins does not cover the electricity cost, so they decided to have a fireworks  Grin
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
sr. member
Activity: 412
Merit: 250
November 08, 2014, 02:32:17 PM
#36
if it was a mining farm, might explain the Zen pool dips!
full member
Activity: 183
Merit: 100
November 08, 2014, 01:29:08 PM
#35
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.  Undecided
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.
hero member
Activity: 686
Merit: 500
November 08, 2014, 01:14:06 PM
#34

Dang!

You've been Goxed!
member
Activity: 78
Merit: 10
★Bitin.io★ - Instant Exchange
November 08, 2014, 09:52:38 AM
#33
i wonder if it was owned by pb mining or one of those miners
hero member
Activity: 526
Merit: 500
November 08, 2014, 08:07:50 AM
#32
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.  Undecided

Agree, even if there is insurer the premium would be so high that it would not be worth buying....
hero member
Activity: 576
Merit: 503
November 08, 2014, 07:37:35 AM
#31
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.
newbie
Activity: 1
Merit: 0
November 08, 2014, 04:53:45 AM
#30
From the looks of it, the fire protection wasn't done well. they could have invested more on fire protection for these expensive ASICS.
member
Activity: 100
Merit: 10
November 08, 2014, 04:50:29 AM
#29
They are already running underwater, mined coins does not cover the electricity cost, so they decided to have a fireworks  Grin
Is this confirmed? The news reports implied that the miners were still somewhat profitable. Also the miners would have some level of resale value
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