Innosilicon Denies Reports of $10 Million Fire Damage at Mining Farm

Neil Dennis

Reports that a video and photographs showing a large cryptocurrency mining farm burning down was a facility owned by Innosilicon have been denied by the China-based company.

The incident, reported on Twitter on Monday by Marshall Long and Dovey Wan, was believed to have destroyed around $10 million worth of electronic mining rigs. 

Innosilicon, which is best known as a manufacturer of ASIC mining rigs - some of which retail at more than $3,000 for a single unit, denied the fire was at one of its facilities.

In a Twitter post of its own, the company said on Wednesday:

We can say with 100% certainty that the fire was not related to Innosilicon and there has been ZERO Innosilicon property or equipment loss.

Bitcoin Boost

In response, some Twitter users and followers of Marshall Long and Dovey Wan suggested the footage was old and was only being recirculated in an attempt to boost the price of bitcoin, which has been rapidly losing ground in the past few weeks.

Bitcoin, whose price dropped as low as $7,750 on Monday, recoved by some 7% in the hours following the rumours of the fire on expectations supply of the cryptocurrency will be slowed by the outage of such a large mining facility. By early afternoon in London on Wednesday, the price of bitcoin stood at $8,300.

Featured image via Pixabay.com