Cryptocurrency crooks burn $4 million of their own money

The shortage of graphics cards at the moment is due to a variety of reasons, including growing demand for PC upgrades, a manufacturing crunch, and scalpers inflating secondary markets.

However, cryptocurrency miners are among the most despised by gamers because they repurpose devices previously used for entertainment in order to attempt to create speculative cryptographic gold via crypto mining.

Last week, gamers were able to take pleasure in some schadenfreude after a suspected cryptocurrency mining rig in Thailand went up in flames.

The three-story data center in Chiang Mai caught fire on December 3rd and was quickly extinguished by firefighters before it could spread to surrounding structures. However, according to ChiangMaiCityLife.com, 72 servers were destroyed in the fire, equipment worth an estimated two million baht (about $60,000).

The machines in this photograph, while seemingly linked, are not identified as crypto mining computers. Internet users noticed that the burnt-out shells of the servers in one photo appeared to be a combination of purpose-built ASIC miners and GPU-based mining rigs.

It’s unclear what caused the fire, but it’s probable that dozens of servers crunching numbers and generating massive amounts of heat in search of commoditized pseudo-currency are on the list of suspects.

In a nutshell, cryptocurrency mining is the use of high-performance computers to validate transactions and establish new ones in a decentralized system that uses cryptography rather than traditional economic institutions.

Bitcoin and other cryptocurrencies are frequently criticized as merely commoditized stores of wealth rather than genuine alternatives to current currency systems, as well as the huge amounts of power required to keep these systems going and generating speculative value.

This should serve as a caution to gamers and crypto miners everywhere. For your computer’s performance and the safety of any building it may be in, proper ventilation and cooling are critical.

For longer than he’d care to admit, Michael has designed and modified desktop computers. His hobbies include folk music, football, science fiction, and salsa verde, in no particular order.