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Relatively unknown one of the first businesses to offer cloud mining and colocation in 2013. Rented space in a server room at first, when we outgrew that here's our second facility the mine we built.

Small contained cold aisle, raised access floor, 42u cabinets, cat 6 cabling, custom 32 amp pdu's, up to 96 amps supplied per cabinet at 230v across three phases.

http://cdn.shopify.com/s/files/1/0306/3181/files/20140522_211602_large.jpg?982
August:
https://pbs.twimg.com/media/BumyxBSIIAAeqLQ.jpg:large
https://pbs.twimg.com/media/BsUBmfrCEAAuUep.jpg

Where are the mining rigs?

In the server cabinets. As you can see there's some on the left for our cloud mining service.

The rest is for Colocation - https://bitcointalk.org/index.php?topic=622842.msg6901373#msg6901373 (https://bitcointalk.org/index.php?topic=622842.msg6901373#msg6901373)

Hi guys,

I visited your site to check out your rates, but I'm sure I'm missing something. I pay 15.6 pence per kilowatt (less at night with economy 7) - about 2.5 pence less than your rate, and I also have a standing charge of 14 pence per day = £4.20 per month. Even with the cost of my internet, VAT, etc on top of that each month it is considerably cheaper for me to host my gear at home than it is if I used your service - and that's based on using a single 1U rack which is no where near enough room to cram my gear in.

What am I missing here?

Thanks  :)

Hello there, you can't realistically run multiple large ASIC miners like KNC's or Terraminers at home it's difficult, I had one running in my back room last year, turned it into a fan oven. That's what Colocation is for, 18p per Kwh is the average price for electricity in the UK.

Most data centers here only allow a maximum of 32amps per 42u cabinet which is also to do with heat servers/miners don't emit much light or sound almost all the electricity you put in comes out as heat. We originally looked at using data centers for our cloud mining service but it was expensive and limited to 32 amps per cabinet so we made our own place and now also offer Colocation.

A Terraminer uses around 9amps at 230v, 10 in a 42u cabinet is over 90amps.

We're also working on a bulk electricity deal with British Gas which will bring the price down but the rack space charge will be a bit more so it's all relative.

Nice photoshopping  ::)

Anyway, so we should send our gear to you so you host it? Or we rent or is it private or what? Not really clear instructions I think...

Thanks.

We offer Colocation and Cloud Mining.

Colocation means you can run your hardware in our mine with remote access. Some more details https://bitcointalk.org/index.php?topic=622842.msg6901373#msg6901373 (https://bitcointalk.org/index.php?topic=622842.msg6901373#msg6901373)

Cloud Mining means you can buy hashing power in our own hardware with monthly payouts that's run indefinitely until it can't pay for it's running costs.

Is this photoshop or photo-wallpaper? I'd like to see pictures of the server cabinets too

It's a wallpaper mural. A picture of the entrance to a coal mine. Seemed relevant to mining and looks cool.

The server cabinets are facing each other either side of this picture, this is the cold aisle.

Photoshop... ?

I'm curious, what profit does it bring to its owners?

Can't see clearly what is it, can you take a closer picture..

The clue is in the title.

I don't get it either.

Should've taken better pictures of the cabinets, so we can see what's behind the doors more clearly.

It's a shame you don't get it. The pictures and topic title are rather self explanatory. Let me explain more so you can understand what you are looking at. This is our second premises we do Cloud mining and Colocation, there's some miners on the left for the Cloud mining service (Terraminers and Ant Miners) the rest is for Colocation space.

In terms of rack space this is the largest specifically made mining facility in the UK.

I hope this helps.

Justin,

The explanation helps, but the pictures don't do you or your service any justice.

Maybe higher resolution pics or better camera, perhaps?

The pictures were taken on a mobile phone, We are taking professional photo's for our site where we promote our service.

Fair enough, good luck with your endeavors.

Please post a website with the professional photos here, interested in seeing the finished project.

Its pretty obvious the picture is some Dell server cabinets leading to a mine shaft.

Good luck with your launch, especially the colocation service. You forgot to mention noise is also a huge negative factor for home miners, just ask a Spondoolies Tech SP10 customer!!

Thanks for that, yeah all the big miners are all really noisy. The SP10's are great though, made Cointerra look silly.

I expect to see some Cybermen or possibly a Dalek coming out of there ...

Where is the website link? I have found that www.genesis-mining.com is offering start mining at 0.14usd/kh. What about your rate?

Their website is http://www.groupbitcoin.com/

Dont people just put their big rigs in the garage and then its got airflow and kinda away from the house, problem solved.


I recognise that location, I think its below London in an old air-raid shelter.   The long tube structure is because its parallel to the underground train system ?


I like your website :)

I'd get claustrophobic sitting in that basement :D

A couple Terraminers would heat up a garage in no time especially in the summer and in the UK we have what we call 'sheds' it's embarrassing lets not talk about it.

It's a mural of the entrance to a coal mine at the end of the server room, seemed relevant to mining and looks good.

I agree with monim1. Can you mention about your rate? It would be easy for us to compare.

Full details - https://bitcointalk.org/index.php?topic=641168.msg7157532#msg7157532

Do these guys look legit? Has anyone used them? It's like the same price as PB

It's starting to hit 24C + now outside our building. Some more hot air extraction ducting.

Considered spiral ducting but the huge cost doesn't seem to justify slightly better air flow.

http://cdn.shopify.com/s/files/1/0306/3181/files/ducting_1024x1024.jpg?1834

http://cdn.shopify.com/s/files/1/0306/3181/files/cooling_1024x1024.jpg?1835

I bought 102ghs and had a lovely chat with JUSTIN on live chat was cool. Put my mind to rest about all sorts of questions especially for a mining noob like me. Once I receive my first payment I will save up for a second 100ghs round as it is cheaper to buy 101 than lower. :)

hmmmm maybe LOKI's armies?  :D

Hottest day of the year today 27c managed to keep the hardware at 54c or less with everything on full blast.

42c + in the hot aisle. Very difficult to work in, installing more miners.

Some of our new miners -

http://cdn.shopify.com/s/files/1/0306/3181/files/miners_1024x1024.jpg?2073

It would appear the "Largest Bitcoin Mine In The UK" otherwise known as "Group Bitcoin" has either gone out of business or were never a business in the first place ?

After a little digging around it seems their registered address of 145-157 ST JOHN STREET, LONDON, EC1V 4PW (taken from http://www.groupbitcoin.com/pages/contact-us) is actually the address of a company called "Sedus Stoll" (https://www.google.co.uk/search?q=sedus+toll&oq=sedus+toll#q=sedus+stoll+ec1v+4du) or perhaps they share the premises ?

Hopefully I'm wrong but there's been no answer from their telephone number nor their email address for some time now ...

Hey "Group Bitcoin" >>> Is Anyone Home ???

P.S. Has anybody actually visited their Mine said to be somewhere in Essex ?

PB should be more expensive then buying actual miners as they pay for electricity for 5 years and hosting for 5 years.

27th July Sunday AM :

www.groupbitcoin.com

503 Service Unavailable

No server is available to handle this request.

----------------------------------------------

That photoshopped mine image had me tripping there for a few.  Literally started thinking about how much 'dust' was going to be an issue...lmao  Well done!

Odlal thanks, we have been digging,  but you found another company  might be sharing,  well its looking as noted here the biggest  mining company on Europe as they said,  hasindeed gone down. I am in contact with a lot of others,  some have some pretty good ideas where we go on this and we go into action tomorrow. In answer,  yes a few of us visited the place they were
working out of,  in Southend!  Essex,  it looked great and they seemed sincere and honest. They had an opening event,  but we did not see anyone else there. Friends tried it out before Xmas and returns were going to wallets  so  yes  put lot more in,  and we all did check them out,  now we wish for our money we had got our own miners. It would seem,  as so unregulated we are all at risk. Will know more  tomorrow, as for other customers we were toldthey had over 400 customers, acouple of weeks ago
some of us were  being told buy more heres a discount,  make itup  to a larger amount to have your own units in the rack ofyour choice. They posted pictures of theirs racks full,  when we went there were only three miners,  they seemed edgy,  had champagne on ice. It is a big shock, if you ever saw a couple of guys who seemed so honest, it was them.

I love the service!
Bought some GHS and got monthly mining payouts! Nearly at break-even

That St John Street seems to have a lot of companies using that address,  it has a mail forwarding service.

Hello, we had someone code something to send us a few thousand blank emails, a few hundred pages mixed in with genuine customer emails. We've been working through it this weekend.

The racks were pretty much empty because it was our opening.... ? The pictures of them full are later than when you came, look at the dates of the posts.

No one has 'not been paid out' unless they have not given us a wallet address? All June contracts are running as normal.

We will be in the office tomorrow if you'd like to give us a call on our main number, emails should be replied to by now.

Wow that is a problem with that type of service. It's odd though because you knew where they were and what they looked like etc. because they had the event right?  Isn't there some hope for tracking them down?

What was the rate of return was it "too good to be true?"  If so then you should have seen this coming. You're better off with a more realistic fee etc. like the company in my sig.

How are you moving air in that setup?

Is it sucked through the mine tunnel?

Does the hot air get vent out through a vertical escape path separate from the entrance?

Lets get a video going from the outside all the way inside. Please  ;D

Yeah working on a video thanks,

The cold air is ducted in through the ceiling, mine entrance is a wall mural we thought it looked cool a bit more interesting than painting it white  :)

What are you even talking about ? Go try selling Luna what ponzi mine ? in another thread please.

Wow how much did it cost. And how does the air get refreshed?

haha! Definitely! That's hilarious. ;DEXTERMINATE!!!!!!

Is there a payout record sheet >> btc per Gh ?

I want to know more about mining rigs. Now i am mining with Genesis-mining and making good amount of profit.

Check my sig first and then go here: https://bitcointalk.org/index.php?board=76.0

Here's some VERY UNOFFICIAL rough and ready statistics I've put together as I was doing some comparison recently :

Bear in mind each of these have different plans and payout structures but unfortunately as far as I can make out GroupBitcoin don't do so well though I'd appreciate any figures from other people who've also got money invested in GroupBitcoin !

(Also bear in mind that these figures will be "out of date" as the "difficulty" increases in the coming weeks)

--------------------------------------------

TimeToBit = 0.0026 BTC per day per 100 GH/s

PBMining = 0.0025 BTC per day per 100 GH/s

Lunamine = 0.0021 BTC per day per 100 GH/s

GroupBitcoin = 0.0018 BTC per day per 100 GH/s

--------------------------------------------

There seemed to be an overly massive drop in GroupBitcoin's BTC output rate last month of around 25% which I am having trouble believing was all due to the increase in "difficulty" ... it would help if GroupBitcoin were able to provide at least "daily" figures of my investment to give a better gauge of progress because currently all that is available are some sample figures which only get updated every few days or so.

The other three "Cloud Miners" I've listed above all provide much better "snapshots" of your investment and Payouts although I'm aware GroupBitcoin would have something to say about the "legitimacy" of at least one of those I've mentioned :D

How about you ? Having any success with Cloud Mining ?

:)

I have issues with more than one of the other companies mentioned above none of which have proved in anyway whatsoever they're actually mining with your money. If you are who I think you are you've actually been to our mine.

Appreciate the rough figures though, we've just got a new bulk electricity deal as we use so much, which will take around 6 weeks to switch over but we're upgrading some of the old hardware to newer more efficient hardware so should bring the running costs down a bit and the revenue up. Working on a better stats page too with more data.

We'll be launching some new contracts this week. As usual discounted as much as we can for existing members.

 :) Where are the rigs located exactly in uk? i would be interested.

When i am having my own hardware i like to have it home. cloudmining could be interesting. its all about the price...

So largest

Pretty cool, hope to have something similar to that. That would be sick.

Sorry to trouble you Justin and Sean, however it looks like your "Miner Stats" page isn't being updated at all ?

What with the apparent demise of Lunamine and the drop in BTC price over the last week I'm sure you can imagine that some people are wondering whether or not you're still up and running given that the stats page is showing the same set of figures for the last 6 days now !

Those changes you mentioned were implemented last weekend, thanks, but nothing since then ?

How about a Tweet or something to let your customers know the state of play even if it's just to say : "busy at the moment, we'll get round to it ASAP" ?

The Stats page is useless we're looking for a programmer at the moment to rebuild it but it's quite complex and expensive to make it customer specific as we've sold such a range of products, lots of SQL! As always all contracts are running as normal. Horrible to see another scam, we've seen countless companies come and go since we started last year and even been done ourselves by Butterfly Labs.

Thanks for the update :)

Looks like I'm going to have to come and visit your Mine quite soon so as to reassure myself it actually exists ! No offence implied but now TimeToBit has fallen by the wayside along with Lunamine ... it doesn't do wonders for my Peace-of-Mind lol !

Cheers :D

Looks like a nice setup and a little sci-fi freaky with that tunnel.

I suppose it's underground to get a 54F constant temperature?

I'm new to all this and was wondering if you could answer some questions about how it's possible to make a profit?  You could PM me or answer here with some kind of formula.

I used the bitcoinx calculator and it seems that the cost of the bitcoin miners like the KNC products prevent any profit and only they can make a profit in the 6-12 months before they ship while they run a minimum of 100 of their latest miners in their own pool.  Then they make about $USD500k in bitcoins every 6-12 months.

Am I right?  How do you make a profit?

I would like to know more that the profitability level and their mining rigs. Also i have found that Bitcoin mining is not so much profitable.

just a note, this isn't the biggest bitcoin mine in the UK  :D

Are those collection of speakers or mining rigs?I thought for a while they are loudspeakers ready for the concert

I wonder if I can start a bitcoin mine in Kuwait, hmm...

That looks amazing. Looking forward to seeing more pictures.

mining looks so complicated

Interesting, are you able to confirm a couple of things:
 - Where is the info center located?
 - Who is running the DC, have they got relevant DC experience?

  Is not so difficult to understand if you read some articles and ask for help here in the forum.

We're located just outside London, the specific location is kept private for security. Pre paid Colocation customers can come to visit/set up their hardware if they like. We have plenty of experience running server rooms.

We've seen lots of others come and go and had countless accusations since we started in 2013. As ever we're not going anywhere.

How about the heat inside? I couldnt see any air-conditioners

0_0 wow...

Nice, but more detail would be nice..

Looks cool,do u use a Mine to Keep down the temps ? or What reason you choose a Mine ?

nice!

looks awesome, so this bitcoin mine is in the UK?why don't u build some in other countries ?

To what extent is this mine (groupbitcoin.com) still operating?

I cannot see groupbitcoin.com covering costs, let alone making any money, as it is not operating in a low cost electricity area. Electricity is 0.12 pound sterling per KWh or $0.19 USD from groupbitcoin.com figures.

Assuming a 0.9 J/Gigahash efficiency of the hardware the electricity costs would be $0.17 per terrahash hour (0.9*$0.19).

But mining is currently only returning $0.24 USD per terrahash hour.

After electricity costs there is only a margin of $0.07  (0.24-*.9*0.19) per terabyte hour, or $50 per month per terrabyte for groupbitcoin to pay off the initial hardware cost, cover the floor space rent, any labour costs as well as all other costs.

And this amount to cover all costs other than electricity will fall from $0.07 to under $0.05 per terrahash/hour after the next difficulty change.

Even worse, groupbitcoin say their hardware costs are $60 pound sterling per terrahash, based on 4U cost for a terrahash at $15 sterling per U.  This is $97 per month per terrahash or $0.13 per terrahash hour.  This is well beyond the $0.07 margin over electricity cost which means groupbitcoin would already be running at a significant loss (assuming it is still operating).

We started in late 2013 when difficulty was less than 1 million.

We sold 1 year mining contracts for a few months where the running costs were included in the cost per GH/s. We then started selling contracts where the initial cost was just the cost of the hardware and the running costs were deducted each month, they end when the hardware can't pay it's running costs if that makes sense which is unfortunately looking very soon with the price of Bitcoin at the moment and the difficulty almost at 30m. We've brought our costs down lots to the point where it literally just covers the rent but aside from that there's not much else we can do. The 1 year contracts are unaffected.

Question : Previously on your website the pre-pay (so-to-speak) one year contracts were offered at a significantly LOWER price per GH/s (almost half) than was the price of the so-called "Indefinite" contracts so how is it possible for the 12 month contracts to remain unaffected yet according to the website today (as of 30th Sept) the "Indefinite" contracts (quote) "won't be running for much longer" ?

http://www.groupbitcoin.com/blogs/news/15503977-due-to-electricity-running-costs-in-the-uk-vat-and-other-commitments-were-now-no-longer-accepting-new-customers

Thanks,
Odlal.

Perhaps they're unaffected in terms of being able to continue to run for the whole twelve months but on the other hand they surely must be severely affected by the rapid increase in difficulty over the same period of time ?

In other words although they'll be mining as such, the actual creation of new bitcoins will be FAR FAR LESS than was anticipated right ?

Looks nice, it doesn't matter what Photos you supply though, people will still question.
Good luck with your venture though.
I've got a 1.3 MH scryupt Miner from Gaw sitting here doing nopthing, might try to get it hashing,
how much to host it.

Hello, thanks but unfortunately we're not taking new customers anymore as it's unlikely you'll ever ROI with the electricity costs in the UK. We got a bulk deal at 12p per Kwh but even that doesn't come close to areas like Washington. You're best off looking to colocate in another country.


The original 12 month mining contracts run for 12 months regardless of mining difficulty or Bitcoin value as the year of running costs was factored into the cost per GH/s but yes the revenue will be far less than a few months back. We also sold 'indefinite' contracts with no fixed end date they end when the monthly revenue from mining can't pay for the electricity/running costs which will be very soon, if Bitcoin had kept going up they'd last longer and be far more profitable than the one year contracts. The cost per GH/s was the cost of the hardware, setup, shipping taxes etc only. When we started last year we certainly didn't expect such extreme difficulty rises, the network is now almost 250 PH/s.

That poster in between the 2 mining rigs looks great. I wish there was actual underground huge mining caves.

Thanks for the reply and thanks for the Payout yesterday :)

If you foresee the likelihood of the Indefinite contracts ending is going to be "very soon" is there any chance of switching to Weekly payouts in the meantime please ?

An Idea : Just mulling things over a bit here (no pun intended) but if you could switch to a Weekly payout system then there might come a point in the near future whereby for the sake of keeping my contracts running (whilst hoping for the BTC price to rise again) I would actually PAY YOU some small amount of BTC because depending on how the market seems to be doing at that point it could be in my long term interest to make such a payment and play it by ear for a while ?

PS : Good luck with your Mine and let's pray the market recovers back to where it was a mere three months ago or so :D

So is the background an actual tunnel or is that a picture?

It's a large picture on the wall of a mining tunnel.  Creates an illusion of depth or walking into a deep dark mining tunnel from far away it appears.

this pict make me think so hard, i think that background is server's racks -_-
but nice setup guys

dam it, all this time Im thinking these guys are like james bond villians deep under london mining bitcoins like they coming from the centre of the earth and now i find its just a monster poster.  I need one of those  :'(