A three-story building burned down in Thailand on December 3. It was allegedly caused by a cryptocurrency mining farm located in the building. According to some reports, the fire destroyed 72 servers, and the damage is estimated at $60,000.
Lost GPUs Were Valuable
The good thing is that no one was hurt. However, the damage to the consumer-grade GPUs is enormous. Back at the beginning of 2021, crypto miners accounted for 25% of GPU purchases, which is about 700,000 high-end graphic cards. This caused the lack of GPUs on the market.
Other GPU consumers are now waiting for Ethereum to shift from its Proof of Work mining model, hoping the shift would make GPUs more accessible to consumers.
The fire that occurred in Chiang Mai not only destroyed the valuable GPUs but also showcased how dangerous crypto mining can be.
Based on the example of Sweden, Bitcoin mining consumes as much electricity as 200,000 households. That’s an enormous issue for the environment, as mining is not as sustainable as previously believed.
In addition, consuming such an amount of electric power can easily lead to fires, especially if the mining farm is not adequately secured and connected.