Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Russian Man Suffers Severe Burns After Bitcoin Mining Went Wrong
A severe fire outbreak gutted a poorly ventilated Bitcoin mining farm in Russia. According to reports from the Ministry of Emergency of the city, the fire outbreak started during the late hours of Tuesday in an apartment used for the mining operations.
Poorly Organized Bitcoin Farm
The fire started from the overheated mining equipment caused by the poorly established mining farm in a seven-room communal apartment located at Petrogradsky District, St. Petersburg. The farm owner failed to include a proper cooling system for the equipment, causing overheating and fire.
At about 22:13 Nov 24, notifications were received about a fire outbreak. It took about 40 minutes to put out the fire with the help of 16 personnel, the report said.
No Death Recorded
No fatality was recorded as a result of the incidence. However, a 35-year-old man identified as the miner was injured with severe burns on his hands, back, and neck and currently receiving medical treatment at the hospital.
Illicit crypto mining is not a new thing in Russia and other parts of the world. Although crypto mining is not illegal in the country, poorly organized mining facilities and good maintenance pose a significant threat to personal and national safety.
Iran Bullish on Bitcoin Mining
Miners who engage in illegal mining steal electricity for their operations. For instance, this year, Rosetti, a Russian state-owned power grid, reportedly lost power worth over $6.6 million to illicit crypto mining facilities.
Countries like Iran have taken healthy measures to eradicate illegal crypto mining operations. To encourage miners, Iran has issued over 1,000 licenses for mining operations while also offering miners several power plants at subsidized prices.
Part of the bullish move towards mining operation is that Iran plans to use freshly mined bitcoin to finance its international trade amid U.S. sanctions.