Cowboyminers, a Bitcoin mining company located in Thailand, has been completely destroyed by fire.
The five megawatt facility was located in Bangkok and had more than 2,000 active miners at the time of the fire. Cowboyminers was a mining co-op which relied primarily on Spondoolies-Tech and Innosilicon hardware. According to local authorities there were two security guards on duty at the time of the blaze and foul play has not yet been ruled out. The company had been formed by European expatriates living in Thailand. The group maintained a low profile despite their extensive operation.
A local media outlet, Tairath, released the news after the Bitcoin community realized that there had been a problem because of a reported a drop in the hash rate. The media reported that the fire, which was sparked on Wednesday night, raged for more than 30 minutes and damage was reported to be extensive.
According to Guy Corem, CEO at Innosilicon, the company was using about 1,000 Dragons, about 100 Spondoolies-Tech miners with a scattering of other manufactures products. Corem also added that the equipment had functioned well for more than two months and that the companies’ technical data indicated that they had been properly cooled. He also added that he had gotten a good impression of Cowboyminers when he had visited the company this last summer, stating:
“I want to add that they’re legit customers who paid for the equipment with BTC. I know some of the people involved other businesses. All kosher.”
The cost of the damage has been estimated to be about US$2 million in Spondoolies-Tech alone. Corem said that his company would be assisting Cowboyminers in salvaging at least some of the hardware. Correctly estimating the damage would be difficult however, as it…