Cryptocurrency mining farm suspected of torching in Thailand

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A fire at a three-story building in Chiang Mai, Thailand was caused by an alleged cryptocurrency mining farm. CityNews reports that 72 servers were destroyed in the fire, which broke out on Friday, December 3, with local police estimating the damage at 2 million baht (approximately $ 60,000).

No one was hurt because no one was in the building, but it’s possible that a large number of mainstream GPUs – the ones that are widely coveted due to the current silicon shortage – have been lost.

Crytominers accounted for 25% of GPU purchases at the start of 2021, which represents around 700,000 high and mid-range graphics cards. Those still looking for a cost-priced GPU that isn’t tethered to a prebuilt PC have been waiting for Ethereum to move away from its proof-of-work model, which should reduce demand on mainstream GPUs as this will eliminate a lot of the mining activity. It was originally supposed to happen this year, but will now happen in 2022.

Cryptocurrency mining requires a lot of electricity: Part of Sweden’s arguments for making it illegal in Europe is that Bitcoin mining in Sweden itself consumes as much electricity as 200,000 homes. This thirst for energy is harmful to the environment, but also potentially dangerous: if a home is not properly equipped to cope with the amount of energy used by a mining farm with 72 servers, then yes, it risks catch fire.

CityNews has a bunch of photos of the building and the damage, and to say the material is unrecoverable is an understatement.

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