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BITCOIN RISES ON THE FLAMES

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BITCOIN RISES ON THE FLAMES

Nov 10 2014, 11.50am GMT

Stock.com

Bitcoin has risen by over 8 percent on reports of a major Thailand bitcoin mining facility being burnt to the ground.

In Thailand on Wednesday night the flames engulfed a major bitcoin mining facility that had been established by European expats. The fallout was a major movement in the bitcoin market as hash rates dipped dramatically on the loss of computer processing power. As news spread, bitcoin has continued to rise from 336.5 on Friday’s close, up to Monday’s 365.5, approximately 8.6%.

The facility of 5-megawatts had a cooperative set up relying on hundreds of Spondoolies-Tech SP30 miners and Innosilicon hardware alongside BitFury and Gridseed, the mining collective is called Cowboyminers.

The fire, unfortunate for Cowboyminers, though no injuries were reported, may have set the bitcoin onto a different track from the downward trend the virtual currency has seen this year.

The trend started with the bankruptcy collapse of Tokyo-based bitcoin miner Mt. Gox with the disappearance of $460 million, apparently stolen by hackers, and another $27.4 million missing from its bank accounts, sending the currency into descent. This was the second time the exchange was hacked with attackers lifted the equivalent of $8.75 million in June 2011.

Bitcoin chart in reaction to the latest mining farm fire

Bitcoin chart showing the dramatic repercussions of losing farms and exchanges

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