To finish off the exciting month of September, the Bitcoin network went through a batch of specific volatility yesterday, as evidence surfaced of a fire destroying $10 million worth of mining rigs.

One of the first active Bitcoin miner and co-founder of eBoost, Marshall Long took to Twitter and said that Innosilicon’s huge data centre was literally on fire this week. Not all details are available at the minute, but a video appeared from Long shows the rigs continuing to run despite being on fire.

It’s believed that the total worth of equipment involved summed up to around $10 million. At least, that’s according to a founding partner at crypto asset holding company Primitive Ventures, Dovey Wan.

Innosilicon has been silent on the matter, both officially and socially.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

It didn’t take long for social media to comment on the rumours and claim that this was the reason for Bitcoins volatility and drop in Bitcoin’s hash rate.

“On the day it occurred, estimates of network computing power involved in processing transactions dropped from 86 quintillion hashes per second (h/s) to 82 quintillion h/s.”

It will be interesting to see how this situation plays out and whether Innosilicon will address the issues regarding the fire. For more news on this and other crypto updates, keep it with CryptoDaily!

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