Bitcoin Forum

These photos show you inside an Icelandic bitcoin mine

Bitcoin is surging right now. The digital currency is hitting highs not seen since February 2014, jumping by well over 30% in a month.

It's great news for bitcoin miners, the people responsible for creating new bitcoins....

https://www.weforum.org/agenda/2016/06/these-photos-show-you-inside-an-icelandic-bitcoin-mine?utm_content=buffer37f74&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

I'm still not convinced that Genesis Mining is not a huge Ponzi scheme.

Pretty impressive. Id like to take a tour of some of these massive mines although I know it would never happen due to the security risk.

Hi
Your desire on crypto also deserve to be there. My best wishes for your dream come true. And I also got passion with crypto to do many things. For now my learning period almost finished.Planing to start educate my countrymen about basic of cryptocurrency. I know that will be very much challenging. And I would failed. But at least I can be a starter...

Thanks!

Only the future will show us the truth especially after the halving, i think many weak/minor mining companies will collapse

Why will they collapse? If the price goes up high enough, then miners will have a good price to work with. Remember, not long ago the price was sitting below $400 for quite a long time, and the difficulty kept going up. If the price goes up more towards the $800 level, then the price is basically doubled in a short time. Can't see miners complain about that. That's assuming there will be no massive crash directly after the block halving.

If there is indeed a massive crash after the block halving, then smaller miners will need to keep their mining operations up with the buffers that they have been building up throughout the year(s). But then again, if they do leave and cause the difficulty to drop, the lower difficulty on its turn will attract other miners, or it will make large mining farms simply put more machines to work. It's that simple.

For cloud mining ponzis, you have it exactly backwards. After the halving, the ponzis only have to pay out half of what they were paying out previously.

I'll try checking this out when I'm there later in the summer. I have some pirate party contacts in Iceland and an agenda to open up the country to BTC love.  :)

Which would you mine?

" The price of Ethereum is now $16.70, while Streng says electricity costs to mine it are $3.85." .... OR .... " one bitcoin costs about $200 to mine. One bitcoin is currently worth $690."  ::) ... It is actually

strange to see farms of GPU's still being used to mine. We need a team of experts to go out to these "Cloud mining" services and to check if they are Ponzi's or real mining farms as they claim. I just do not

know, who would be willing to do this and who will pay them and who would trust them.  ::)

Well you answered your question  :)
I am pretty sure that the price will rise after a period of the halving and during that period we may see a fall in the price or maybe it will stuck in the same value just before the halving so with the increasing difficulty and a lower block reward the weakest miners & ponzis will have to revise their strategies  ;)

Having visited the country in the depths of depression in Autumn 2008, while attending Airwaves, and seeing all the seething anti-banker demos I'm surprised Auroracoin didn't take off.