Bitcoin Forum

Bitcoin => Mining => Topic started by: bittymymitty on January 24, 2014, 05:44:34 AM



Title: 5 Million dollar mining rig
Post by: bittymymitty on January 24, 2014, 05:44:34 AM
Came across this article.. found it interesting that they're not buying next gen hardware that's going to be released right around the corner.  Regardless, with 5 Mil they could build a pretty impressive rig, difficulty is gonna go through the roof..

http://www.vcpost.com/articles/21065/20140123/bitcoin-investment-fund-coinseed-invests-5m-bitfury-mining-hardware.htm


Title: Re: 5 Million dollar mining rig
Post by: snooopy on January 24, 2014, 01:15:44 PM
lol what a waste


Title: Re: 5 Million dollar mining rig
Post by: Meuh6879 on January 24, 2014, 02:12:09 PM
 ;D and then, the network adapt the difficulty ...  :D


Title: Re: 5 Million dollar mining rig
Post by: ClassTrader on January 24, 2014, 09:42:49 PM
The amount of coins they could make though...


Title: Re: 5 Million dollar mining rig
Post by: jorgebonilla on January 24, 2014, 11:50:21 PM
They are using 55nm asics.
Not going to turn a profit.
At least not at current BTC/USD prices.

I might be wrong. But i would've gone with newer 28 nm asics.




Title: Re: 5 Million dollar mining rig
Post by: jongameson on January 25, 2014, 12:41:47 AM
imagine a wall filled with 55000 bitfury usb sticks.  like the entire wall a USB hub.

nice   :D


Title: Re: 5 Million dollar mining rig
Post by: Gator-hex on January 25, 2014, 01:41:45 AM
Somebody found a cool way to offload their 55nm gear then.  ;)

Difficulty just went up 20% tonight!


Title: Re: 5 Million dollar mining rig
Post by: timk225 on January 25, 2014, 04:15:08 AM
Who's dumber - the guys who think they will mine lots of BTC with USB Erupters (that's what it looks like in the photo), or the people who gave them all that money?

 ???


Title: Re: 5 Million dollar mining rig
Post by: mtnminer on January 25, 2014, 02:27:04 PM
The articles does not say they have purchased usb miners with this 5 million dollars, perhaps they contracted Bitfury to build a number od specialty units for this project.  Hopefully a group that can raise 5 mil, can hire someone smart enough to do it right!  The picture is a stock photo from a conference display.  Read before you post about a room full of USB miners!

Mtnminer


Title: Re: 5 Million dollar mining rig
Post by: iglasses on January 25, 2014, 05:22:01 PM
Who's dumber - the guys who think they will mine lots of BTC with USB Erupters (that's what it looks like in the photo), or the people who gave them all that money?

 ???

stock photo...I'm sure they didn't build a $5 million dollar block erupter farm.


Title: Re: 5 Million dollar mining rig
Post by: donnysimonton on January 26, 2014, 02:58:40 AM
I've known Merlin for years, I'm sure he knows what he is doing.



Title: Re: 5 Million dollar mining rig
Post by: U1TRA_L0RD on January 26, 2014, 03:59:04 AM
Wow, Great way to fuck it up for those who bought KNC Neptunes and Cointerras.


Title: Re: 5 Million dollar mining rig
Post by: Undefeatable on January 26, 2014, 02:50:30 PM
Here come another difficulty hike of 100%


Title: Re: 5 Million dollar mining rig
Post by: grumpy619 on January 26, 2014, 11:22:52 PM
I am guessing they did not do their homework. I only spent 2G's and did almost a months worth of work. I was like GD..


Title: Re: 5 Million dollar mining rig
Post by: Kapz786 on January 27, 2014, 01:46:41 AM
Already rich why bother :P


Title: Re: 5 Million dollar mining rig
Post by: crazyates on January 27, 2014, 02:46:31 AM
They are using 55nm asics.
Not going to turn a profit.
At least not at current BTC/USD prices.

I might be wrong. But i would've gone with newer 28 nm asics.

Why would they need to go with a 28nm process, when the BitFury chips are MUCH cheaper to process (giving you higher GHs/USD), and are also amazingly power efficient (even beating out KNC's 28nm).

With a $5million purchase, you can bet they weighed ALL their options before they bought anything.


Title: Re: 5 Million dollar mining rig
Post by: mocolicious on January 27, 2014, 04:14:46 AM
I hear a loud flushing noise.  might as well burn your money.





btc:1GGZFEkUqSqhQSKcySHteuctLUtkCYzpTa


Title: Re: 5 Million dollar mining rig
Post by: demonmaestro on January 27, 2014, 04:21:20 AM
and bitcoin is officially out of the general public.  :(  These big companys doing this is taking away the network security by making it all centuralized. :'(. Make the network strong by a shit tone of people hosting miners not just a few big companys...


Title: Re: 5 Million dollar mining rig
Post by: BuildTheFuture on January 27, 2014, 04:36:51 AM
I think honestly you shouldn't overreact - they probably are only going to be adding maybe in the ballpark of 1 PH/s to the network? By the time they are online, it will only be between 0.5 and 2% of the overall network considering how much other hash power is being supplied by the various companies in the next several months. By the end of 2014/early 2015 it would probably be at 0.1%. Irrelevant.


Title: Re: 5 Million dollar mining rig
Post by: MrScrotes on January 27, 2014, 06:35:55 AM
sweet mother of god


Title: Re: 5 Million dollar mining rig
Post by: Bitcoin Fiction on January 27, 2014, 09:07:25 AM
At first they are going to be like "im getting money im getting money" and then diff adapts and they're like "awwww"


Title: Re: 5 Million dollar mining rig
Post by: demonmaestro on January 27, 2014, 09:09:27 AM
At first they are going to be like "im getting money im getting money" and then diff adapts and they're like "awwww"
And the rest of us are going  :o


Title: Re: 5 Million dollar mining rig
Post by: U1TRA_L0RD on January 27, 2014, 12:07:08 PM
I know this iss of topic, But we should riot and tear down everything in their factory lol  :D


Title: Re: 5 Million dollar mining rig
Post by: Holm on January 27, 2014, 01:04:32 PM
2 sweet 2 be true :)


Title: Re: 5 Million dollar mining rig
Post by: bit.alex on January 27, 2014, 02:14:19 PM
I think honestly you shouldn't overreact - they probably are only going to be adding maybe in the ballpark of 1 PH/s to the network? By the time they are online, it will only be between 0.5 and 2% of the overall network considering how much other hash power is being supplied by the various companies in the next several months. By the end of 2014/early 2015 it would probably be at 0.1%. Irrelevant.
Agreed


Title: Re: 5 Million dollar mining rig
Post by: studio1one on January 27, 2014, 03:10:24 PM
as there are 20,000,000 Ghash on the network at present, 5 mil will not make a massive difference.


Title: Re: 5 Million dollar mining rig
Post by: Share2Care on January 27, 2014, 08:38:45 PM
At first they are going to be like "im getting money im getting money" and then diff adapts and they're like "awwww"

That made me chortle! :)