{"id":47949,"date":"2019-10-01T01:40:38","date_gmt":"2019-09-30T23:40:38","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=47949"},"modified":"2019-10-01T01:40:38","modified_gmt":"2019-09-30T23:40:38","slug":"bitcoin-hash-rate-fire-mining-farm","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/bitcoin-hash-rate-fire-mining-farm\/","title":{"rendered":"Bitcoin Hash Rate Slows Uptrend as Fire Scorches Mining Farm"},"content":{"rendered":"<h2><strong>Ouch, Crypto Mine on Fire<\/strong><\/h2>\n<p>While <a href=\"https:\/\/en.ethereumworldnews.com\/?s=bitcoin\">Bitcoin<\/a> is a digital coin, it has a physical component: nodes and miners. A network of tens of thousands of mining machines constantly process transactions and place them into blocks, creating a chain.<\/p>\n<p>Due to their physicality, these machines are susceptible to risk. A &#8220;mega farm&#8221; recently found this out the hard way.<\/p>\n<p>According to a video clip first circulated by a long-time cryptocurrency miner Marshall Long, a farm from industry giant Innosilicon (purportedly located in China) recently went up in flames, leaving the building&#8217;s frame scorched. While Innosilicon itself has yet to comment on the matter, the news was <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1178706886750691329\" rel=\"nofollow noopener\" target=\"_blank\">also shared<\/a> by prominent Chinese cryptocurrency investor Dovey Wan, who added to the news by stating that the fire &#8220;claimed $10 million worth of mining machines&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As <a href=\"https:\/\/twitter.com\/OGBTC?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@OGBTC<\/a> already broke it, here is the real footage of a local mega farm caught on fire&#8230; <\/p>\n<p>Which claimed a lost of $10M worth of mining machines <a href=\"https:\/\/t.co\/bMihmIwTNO\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/bMihmIwTNO<\/a><\/p>\n<p>&mdash; Dovey \u201cRug The Fiat\u201d Wan\ud83e\ude90\ud83e\udd96 (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1178706886750691329?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the same time that this clip spread, a slight decline in Bitcoin&#8217;s hash rate could be observed, with the metric falling from just over 91 exahashes per second to 90 exahashes per second, marking a slight pause in this metric&#8217;s jaw-dropping uptrend. It is unclear if this slight decline in hash rate is at all correlated to the mining farm fire.<\/p>\n<p>The fire and seeming loss of hash rate coincided with an extremely slow Bitcoin block.<\/p>\n<p>As pointed out by Twitter user Antoine Le Calvez, a recent block in the blockchain was &#8220;mined 119 minutes after its parent&#8221;, meaning that BTC users had to wait at least two hours for their transaction to process. Le Calvez claims that this is the tenth time that such a long block time has been seen in Bitcoin&#8217;s history.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Everybody panic. <a href=\"https:\/\/t.co\/WEQ0pOTedt\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/WEQ0pOTedt<\/a><\/p>\n<p>&mdash; nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1178720456301568001?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While this may have been a byproduct of miners simply being unable to solve the block, the seeming loss in Bitcoin&#8217;s hash rate that came as a result of the recent fire may be slowing block times.<\/p>\n<h2><strong>Bitcoin Difficulty Still on Upward Grind<\/strong><\/h2>\n<p>While the growth in Bitcoin&#8217;s hash rate is taking a breather, the difficulty of the network, which is adjusted approximately every two weeks, continues to trend higher.<\/p>\n<p>As crypto analyst Kevin Rooke recently noted, mining difficulty for the leading network continues to &#8220;explode&#8221;, having increased for the fifth straight adjustment period in a row. Difficulty is up by 28% since August 6th, implying that there has been an influx of interest from miners.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin&#39;s mining difficulty continues to explode.<\/p>\n<p>Difficulty has gone up in 5 straight adjustment periods now, for a 28% difficulty gain since August 6th.<\/p>\n<p>But most remarkably, mining difficulty hasn&#39;t dropped by more than 1% in all of 2019! <a href=\"https:\/\/t.co\/gvCSQgAfYG\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/gvCSQgAfYG<\/a><\/p>\n<p>&mdash; Kevin Rooke (@kerooke) <a href=\"https:\/\/twitter.com\/kerooke\/status\/1177666448401059842?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 27, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As mining machines take a while to achieve ROI and are illiquid assets, a steady increase in Bitcoin difficulty is a good sign that miners have long-term faith in this industry, especially in BTC in particular.<\/p>\n<pre>Photo by <a href=\"https:\/\/unsplash.com\/@cullansmith?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Cullan Smith<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/fire?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Ouch, Crypto Mine on Fire While Bitcoin is a digital coin, it has a physical component: nodes and miners. A network of tens of thousands of mining machines constantly process transactions and place them into blocks, creating a chain. Due to their physicality, these machines are susceptible to risk. A &#8220;mega farm&#8221; recently found this out the hard way. According to a video clip first circulated by a long-time cryptocurrency miner Marshall Long, a farm from industry giant Innosilicon (purportedly [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":47950,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[800],"tags":[6971,7066,7120,185],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/47949"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=47949"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/47949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/47950"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=47949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=47949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=47949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}