Stray Cats and Bitcoin: A Costly Incident at a Bitcoin Mine in Mongolia
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In the winter of 2023, a Bitcoin mine in Inner Mongolia, China, found itself facing a significant and mysterious financial loss. Profits, which had previously been soaring in the highly volatile world of cryptocurrency, began to plummet drastically, and no one could initially figure out the cause. As the mine continued to lose millions of dollars, the workers grew increasingly puzzled. Bitcoin mining operations rely on specialized equipment—Graphics Processing Units (GPUs)—to solve complex mathematical problems that, in turn, generate new blocks of cryptocurrency. These machines are expensive, require intense power, and are the backbone of any mining operation. But the losses this winter couldn’t be explained by a simple dip in mining efficiency or even power shortages. No one coul…

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