[2014-08-11] coinsman: Inside a Chinese Bitcoin Mine

[LiteCoinGuy]

Inside a Chinese Bitcoin Mine

http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/

[tatu]

Wow, that's huge. Crazy to see how far bitcoin has become. And people still say China has banned bitcoin? 

[Rampton]

It is crazy. I wonder if Satoshi ever envisioned it would become this big. Does it say how much they actually earn? I noticed it said they spend 60kUSD a month merely on electricity.

[Meuh6879]

https://bitcoinwisdom.com/bitcoin/difficulty

2500x 230GH/s = 60 000 USD per week ... so electrical bill is OK  
THe other week is formely to pay miner material (supply and miner) + local and employees.

So the boss have 120 000 USD per month for him... less the local mafia tax. 

[bitsmichel]

That's a lot of machines mining. I'm guessing there are about 5000 computers in the photo.
I wonder how it will look in 5 years

[tatu]

That's a lot of machines mining. I'm guessing there are about 5000 computers in the photo.
I wonder how it will look in 5 years

It tells you how many miners and whatnot they have in the article.

[311]

Jee, I literally had no idea this was how big bitcoin mining has become. I thought at most someone would have a few miners in a room lol.

It's also crazy at how quickly the hardware becomes unprofitable and unsuable:



All retired or dead.

[LiteCoinGuy]

Jee, I literally had no idea this was how big bitcoin mining has become. I thought at most someone would have a few miners in a room lol.

It's also crazy at how quickly the hardware becomes unprofitable and unsuable:



All retired or dead.

actually that mine is not very professionell. the good ones look like this:

http://money.cnn.com/gallery/technology/2013/12/17/bitcoin-mine/


 

[Yeah?]

It doesn't have to be 'professional' just earn the coins. Not everyone has a ridiculous amount to spend on flashy equipment.

[aigeezer]

No sign of a 12-point business plan. Not even a Mission, Vision, Values statement.

They win!

Great post, OP.

[Dajve]

Does anyone know how much these professional miners actually earn? I'd love to know.