Bitcoin mining believed to be behind hefty fire te block of flats, Ondergrondse News

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A block of flats is believed to have set on fire spil a result of bitcoin mining, according to reports.

The top floor of the building ter Russia wasgoed ruined te the fire while dozens of other flats were flooded spil a result of water from firefighters ter Artem, near Vladivostok.

It is being reported that a resident wasgoed illegally using the block’s tens unit at the time te order to mine the cryptocurrency.

A powerful power surge is said to have caused overheating of the circuits, leading to the fire.

‘We have spotted something which looks like mining equipment,’ said a spokesman for the local division of the Emergencies Ministry.

Pictures from the toneel demonstrate the charred remains of some of the mining equipment.

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A resident called Oleg confirmed that ‘mining equipment equipment wasgoed found te the attic’.

He demanded: ‘I would now geobsedeerd miners totally‚Ķ so many apartments are burned totally and 30 are flooded.’

Many Russians are seeking to get rich quick tho’ bitcoins, exploiting the country’s relatively cheap electric current.

Ter a number of cases, ‘miners’ have violated into power supplies of residential blocks or warehouses to obtain free power, but firefighters warn this overheats electrical circuits with potentially deadly consequences.

Resident Roman Vislobokov told The Siberian Times: ‘Our apartment wasgoed across the wall from the fire.

What is Bitcoin mining?

Bitcoin works using a system called the blockchain, a virtual ledger which keeps a record of all transactions everzwijn made using the cryptocurrency.

The entire blockchain is storied across a vast number of ‘nodes’ around the world and permanently updated.

Transactions voorwaarde be recorded on the blockchain by cracking ingewikkeld mathematical puzzles.

The process of solving thesis cryptographic conundrums is called ‘mining’ because the person whose laptop cracks them is paid a number of Bitcoins.

Mining requires giant computing power, which means computers are at risk of overheating and potentially bursting into flames.

‘At very first our neighbour’s attic caught fire.

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