Bitcoin Forum

Timothy Coles is betting big on Bitcoin
http://www.coindesk.com/timothy-coles-2-million-gold-mine-bitcoin/

This could be a great hedge for some of the more welathy BTC owners that are around. After two years you have your investment back and can then produce your own gold.

In theory a good hedge but mining for gold is not a simple process sans domain expertise and tech investment
Let's wait and see how this plays out

If the sale will end well there will be another wave of adopters coming in the bitcoin business, I hope some whale will buy it soon.

Miners have a thing for work in hot conditions, uncertain chances for success, eating out of tin-pans, and being trapped by a rock-slide.

Good move. Gold is worthless.

Russia and China central banks holding a lot of gold. You think you know more than them?

This is just plain and simple ignorant. As much as i love bitcoin, i still think that gold will be valuable much much longer than Bitcoin. Bitcoin will eventualy be replaced (in 5...10..50...100 years, doesnt matter) with coin that is more advanced, but gold will never be replaced untill time comes when human kind can produce gold out of another materials that have no traces of gold in themselves.

And to be able to produce gold out of other materials you need energy of two colliding dead stars. And once we get there, money will be irrelevant all together.

Bitcoin is more valuable than gold in the future IMO.

So is he basically putting everything he owns into Bitcoins?  That doesn't seem like the smartest idea...Never put all your eggs in one basket.

This is absolutely true, hence why you might want to take him up on the offer of his willingness to stay on to manage the property for up to five years to ensure the operation runs smoothly  ;)

Gold has decent intrinsic value, really a good hedge if you have that kind of coin
Is Timothy Coles somebody famous we should have heard of?

A GOLD-mine? Wow jeez!!! Where is this thing? Is is near some big town with young people? I'd love to turn this thing into a club or something! Imagine it, glittery walls, the old lorry-tracks...! I'd call it 'The Gold Digger'  ;D ;D ;D

That's one of the good news we are looking for.

i doubt this deal would happen in btc but its good to see selling businesses for btc

whats the most expensive thing actually sold for bitcoin?

most likey a larger miner will buy it with cash converted to bitcoin

not many bitcoiners know how to run a gold mine

No one will convert cash to BTC they will just pay with cash, the BTC thing is like free advertising.

A great news  ;D
Gold price is stable, when BTC price will went up

good move timothy coles  8)

Old news. I first noticed the listing on Bitpremier several months ago.

https://www.bitpremier.com/1-other-luxury-items/540-profitable-gold-mine-dawson-city-yukon

The gold mine is located in an extremely remote part of Canada, in the Yukon territory. Also, I am not sure whether the non-Canadians are allowed to purchase and operate it.

Mining for gold is a great HOBBY, but very rarely do any commercial mining operations produce a profit.

Well... gold mining can be profitable, but that depends a lot on the ore quality and the concentration of gold in it. Other factors, such as taxes, road / electricity access, labor costs.etc can also weigh in.

I would rather have $2million in Gold than 2 million in Bitcoin personally:0 

But I suppose if I had 2 million I would mostly be covered from worrying about money so would it really matter?

If the mine is profitable and "any new buyer could recoup their initial investment in as little as two mining seasons" then why does he even want to sell it? Does he think that the gains from hodling Bitcoin will earn him an even greater profit? For him to sell a profit-producing asset, that's the only reason I can think of.

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

Are you kidding? With $2 million, you could buy 10 rental properties and live off the rental income. Or put it all in mutual funds and live off the gains (even only 2 percent per year after inflation would get you $40,000 per year). I think the average person (such as a teacher or a nurse) living in a first world country earns less than $2 million over their entire lifetime.

Of course, if you live in somewhere like Palo Alto and blow your $2 million on a Learjet, a private yacht, Ferraris, Lambos, and a private island then your money would quickly disappear but that's stupid.

Actually I was serious.
Medical expenses, property taxes, repairs, auto costs, more repairs, insurance, more insurance, taxes, more taxes, high food costs. I will admit $2 million is a pretty good amount, but if you think $1 million is a lot of money in America, then you are not living in a medium to high(ish) cost area.

ps. "10 rental properties" for only $200,000 each....where?
Are you kidding?
In the "decent" suburbs of many cities "normal" single family homes cost $400K to $600,000 and the really nice houses are much higher.

He aways could always buy some scrypt and some PoS coins to diversify his portfolio. Plus, it said he as a million dollars equipment. That's a lot of Titans and Neptunes on the Market.

Looking at the age of the guy selling it, retirement seems to be a logical explanation.
However given the location of the mine and the nature of gold mining work, this is going to be a tough sell, even if it's 100% profitable as stated. That million dollar revenue a year won't be easy money :)

Average living expenses for a normal family can range anywhere from $3,000 to $4,000 in the US. In the developing world, it can be $1,500 to $2,000. But taking inflation, wealth tax.etc in to account, the $2 million amount will not last as much as you would like to expect.

If I got 2 million dollars I wouldn't be quitting my job.. I would simply invest it all, keep working and retire 10 years early.  My point was all my bills would be paid, house, loans, car etc. 

I would have all that extra income each month to invest in whatever I wanted to, I would be set for life (while keeping my job) and be able to retire years early...

Doing a quick calculation that could be enough for 40 years, given your upper threshold for living in the US. Of course one would have to account for inflation, but you could also receive some interest on your money if you invest it safely.

You are either 12 years old or plain retarded.

Gold is historically the most valuable thing and will remain.
Does not need electricity let alone the internet. Gold needs nothing...  No internet no BTC.
Take a serious SHTF situation and your BTC are vaporized. Gold will always remains.

Conclusion; you are retarded.