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We all know that China can produce cheaper mining equipment due to low labour cost and low raw material cost. But I did not expect things to blow out of proportion in this manner. Looks like they are producing a container size mining machine running at 1 petahash/s.

Expected to cost 2.8 million RMB or US $438,905 each. If you were to partner with BitBank to procure this beast, you and Bitbank pay  1 million RMB or US$156,629 each. The poster says Guaranteed ROI before 1 Oct 2016, followed by 45% profit.

Photo of the container:
https://i.imgur.com/jQbLSzn.png

Bitcoin price can go lower, if China will manufacture 1 pentahash mining equipment and this equipment will start to mine BTC  :(

hopefully the block halving is near enough to counteract this type of problem easily, so i'm not worried too much about this possibility

if they can not increase their efficiency, it does not matter how many peta they will throw at the network, they will lose profit at the end

To start off, guarateed ROI is a lie. Chinese marketing, I guess :D Interested to know n what kind of hardware this is running... Seems indeed like a really powerful container! I'm also curious on how much would setting up something like this would cost, instead of just buying their container.

Can I have a link to the source of the announcement?

Nvm, I found where that image is from. here's a link

https://www.bitbank.cn/

They also own bitbank.com but won't even show up as the a first page result when googling the name.

I hope this won't end up being vaporware.

Just imagine the electricity this thing will eat :D
With a really big bills i won't believe that miners will get ROI that fast ;)

1 Petahash in a container?

What on earth would make anyone think that this is exceptional, it's probably two generations out of date?

i really do not think so...if this is real the difficulty will explode and more and more people will prefer to buy btc as a countermeasure for not be able to mine as much

At this size efficiency surely matters more as mining at loss would not be sustained but it's not two generations out of date in any way. @ .23 Watts per Gh/s it's even more efficient than Antminer's s7.

The new SP50 I'm guessing might make it possible.   I don't know if we know dimensions but 10 of those.   But I think this is kinda publicity I don't think they are going to sell many of these.  This is the group that already owns a huge miner data center right?

The guaranteed ROI is hard to believe.  I personally don't like when someone does that as its normally impossible to promise unless they offer refund if you don't make X amount.

You can certainly mount more than 200 units of S7 into a container, so 1 petahash really isn't that impressive. This could be a chinese scam, this company may not be able to secure so many chips and they can run away with the money.

There isn't much point of this, it has to be smaller miners inside otherwise you lose all forms of modularity. Any downtime costs you $100 an hour rather than just a module going offline etc, and then the purchase price is inflated because its a container ($2-3k) and inbuilt infrastructure.

When the alternative is 10 SP50s or 200 S5s S7s, I can't see anyone buying a container.

S5 or S7

I can't remember the name but there was a company that sold containers like this just without miners.  They took containers and put electrical and cooling.

They thought they would have customers but seems that company died.  Have not seem anything from them.   I have a feeling you are right and this container project just like other one will not take off.

You mean the company that was selling dedicated server cooling cabinets? I remember such a company advertising here, might have been this one (http://www.grcooling.com/bitcoin-mining/) but I'm not sure.

Here's a picture from their website

http://www.grcooling.com/wp-content/uploads/2015/03/Fig4CONTAINER.png

Theirs was air cooled but I don't remember the company name.

Modulated design, easy to reduce international shipping cost, but still on paper, delivery date Feb 2016, by that time difficulty already doubled

I wish I could remember.  They built one to show off and filled it up with some SP gear I think.  And that was as far as their company went i think.

I cannot remember name but price was rediclous.  They charged like 10k or something for empty container and I think like 30-40k for wired container.  It was a high profit project to say the least and I don't think they ever sold one.

My company didn't die -> https://bitcointalk.org/index.php?topic=948523.msg11143766#msg11143766

Another design, from Canada: http://www.cryptokube.com/

15 cent a G for a 50% ownership interest for a complete unit is a pretty good price,

I appolgize I could not remember the name and it had been so long since post in that thread could not find it.    Assumed it had died.

Are you actually selling theses in a decent quantity?

I wouldn't mind selling some more ;) Actually they are the cheapest way of deploying miners, we can offer some of Europe's cheapest power as well - inquiries welcome!

We stopped accepting customers with only a couple of miners as there is no profit in it for both parties, and therefore the business model doesn't make sense. We are still working on bigger projects and thinking of offering a kind of "sale and lease back" agreement for existing hardware / people with only a miner or two.

Europe's cheapest power? How much is it?

i pay 0.05 cents at sweden, and there are some cheaper options down to south of stockholm.

i think cheapest is like 0.01 and maybe lower

I believe the key to mining is low cost electricity. I am sure there are towns in China with super-low cost electricity bill or it could be powered by waterfalls.

I'm wondering you could buy a couple of these containers and operate it in gobi desert or something powered by solar panels? When night falls, power it with cheap diesel?  ???

Modular? How about this?  ;D

http://privateislandsblog.com/wp-content/uploads/2012/02/shipping-containers_0.jpg

It looks like how you would stack your S5s, but on a massive scale.

Pre-order ~half year..
I have seen such pre-orders from KNC and Cointerra, but I have not seen miners

To my mind it's scam

There has not been a company to be able to to mass production of these. (If you look at thread one company currently already sells containers that can hold gear, but it's not cheap so not a huge seller I'm guessing).

What I don't like is:


In bitcoin you really cannot guarantee ROI.  It is a high risk investment there is no way to say you will hit 45 percent always.  I just don't see being able to hold that deal up if difficulty jumps or something else.

and the math for that is really the same as 30 cents a gh for 100%

and I can buy an s-7 for  1585 shipped to my home    which is 33 cents a gh.

so you are correct in that is is not insanely priced.

but it is not a bargain.

23 or 24 cents would be better.