World’s Third Most Powerful Data Center For Bitcoin Mining

[OmegaStarScream]

The planned data center would be capable of consuming up to 135 megawatts of power, which will add it to the list of the highest powered data centers in the world. Wind and solar energy would be the primary source of power for the data center. It is specially designed for high-performance computing and, considering the interest of most investors in the data center, mining of cryptocurrencies such as Bitcoin will be its major application.

Here is the article from Bitmain blog : https://blog.bitmain.com/en/bitmain-to-set-high-standards-with-state-of-the-art-xinjiang-data-center/

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[unamis76]

Very interesting, is this the datacenter that was discussed around here previously that was a co-ownership and that at full capacity would have a huge share of the networks hashrate? If so I guess this is further proof why they won't have 50%+ hashrate, it's not going to be exclusively for mining Bitcoin...

I guess Bitmain just wants to venture in other things beyond Bitcoin and they do very well. Using renewable energies is also very good. I wonder if they can run miners cheaper than, say, HaoBTC.

Also, this thread should probably be on mining since it talks about something that is designed to (also) be a mining facility

[arcanaaerobics]

Very big, ah? What's the total investment?

What a challange for all miners... But what about the 51% attack question?

[OmegaStarScream]

Very big, ah? What's the total investment?

What a challange for all miners... But what about the 51% attack question?

Very interesting, is this the datacenter that was discussed around here previously that was a co-ownership and that at full capacity would have a huge share of the networks hashrate? If so I guess this is further proof why they won't have 50%+ hashrate, it's not going to be exclusively for mining Bitcoin...

I guess Bitmain just wants to venture in other things beyond Bitcoin and they do very well. Using renewable energies is also very good. I wonder if they can run miners cheaper than, say, HaoBTC.

Also, this thread should probably be on mining since it talks about something that is designed to (also) be a mining facility

I was going to ask the exact same question after posting this , I checked the comments on the blog post I gave the link to above and here is what It says :



I'm not sure If I got this right but If they did they would have between 51% & 75% haspower , wouldn't that screw us all ?

[MingLee]

The planned data center would be capable of consuming up to 135 megawatts of power, which will add it to the list of the highest powered data centers in the world. Wind and solar energy would be the primary source of power for the data center. It is specially designed for high-performance computing and, considering the interest of most investors in the data center, mining of cryptocurrencies such as Bitcoin will be its major application.

Here is the article from Bitmain blog : https://blog.bitmain.com/en/bitmain-to-set-high-standards-with-state-of-the-art-xinjiang-data-center/

Well, I guess it's an interesting investment and kind of a neat project, but I'm curious as to how something like that is going to make a lot of its money back. Even though a lot of it will be using renewable energy, that's still a stretch. I would assume a lot of money is going to be poured into this thing.

[unamis76]

Very big, ah? What's the total investment?

What a challange for all miners... But what about the 51% attack question?

Very interesting, is this the datacenter that was discussed around here previously that was a co-ownership and that at full capacity would have a huge share of the networks hashrate? If so I guess this is further proof why they won't have 50%+ hashrate, it's not going to be exclusively for mining Bitcoin...

I guess Bitmain just wants to venture in other things beyond Bitcoin and they do very well. Using renewable energies is also very good. I wonder if they can run miners cheaper than, say, HaoBTC.

Also, this thread should probably be on mining since it talks about something that is designed to (also) be a mining facility

I was going to ask the exact same question after posting this , I checked the comments on the blog post I gave the link to above and here is what It says :



I'm not sure If I got this right but If they did they would have between 51% & 75% haspower , wouldn't that screw us all ?

So I guess this is the same facility that came in the news around here a while ago. I remember seeing in the thread that they would have around 60% hashrate using their peak power. I'll link that if I find it again.

Yes, that would "screw us all", it would definitely be bad for Bitcoin. But they can't fill the facility with miners in a "timely manner" for them to be a danger to the network stability. High number of miners have to be deployed strategically and a few at a time. I'm not even sure if there's software that can handle all those miners in one single facility in an easy to maintain way. It's not feasible for them to have in something like a months time enough hashrate on that facility for them to be a danger to the network. Secondly, the facility won't exclusively serve Bitcoin or cryptocurrency mining. So I don't think this poses any danger to network stability.

[franky1]

an S9 uses 1.3kw for 13thash.. nice easy numbers to do maths on.

especially with the data centres estimates of 135mwatt..

essentially 100,000 rigs= ~1.3 exahash

well
https://blockchain.info/charts/hash-rate
is approaching 2.2exahash at one point.

so by the time its build i estimate 2.6 would be the network before bitmain+1.3 for bitmain=3.9 exahash with bitmain having 33%
but that power is the max capacity. so dont expect it to keep at 33% forever

even if they magically had it running right now
based on todays number
1.9exa +1.3exa=3.2 network, bitmain 40.625%
based on months peak
2.2exa +1.3exa=3.5 network, bitmain 37.143%

so chill out on the 51% cries

[unamis76]

but that power is the max capacity. so dont expect it to keep at 33% forever

Or that they will have 33% at all in any point... So, if those are the maths, I guess they will have less power than speculated (or the maths I've seen previously were incorrect )

Anyways, I think this reinforces my opinion...

[Lauda]

Or that they will have 33% at all in any point... So, if those are the maths, I guess they will have less power than speculated (or the maths I've seen previously were incorrect )

The maths used usually and by exagaratting statements are like this: Current hashrate 2 Exahash (arbitrary); new facility can host 1 Exahash (arbitrary) -> Owner of new facility has 50% hashrate. This is obvious very flawed.

well
https://blockchain.info/charts/hash-rate
is approaching 2.2exahash at one point.

so by the time its build i estimate 2.6 would be the network before bitmain+1.3 for bitmain=3.9 exahash with bitmain having 33%

Without going in depth, this is the more correct version of what may happen. You could/should probably estimate the time required to create that many devices and deploy as well (I highly doubt they have all of that available hands on).

[criptix]

Or that they will have 33% at all in any point... So, if those are the maths, I guess they will have less power than speculated (or the maths I've seen previously were incorrect )

The maths used usually and by exagaratting statements are like this: Current hashrate 2 Exahash (arbitrary); new facility can host 1 Exahash -> Owner of new facility has 50% hashrate. This is obvious very flawed.

well
https://blockchain.info/charts/hash-rate
is approaching 2.2exahash at one point.

so by the time its build i estimate 2.6 would be the network before bitmain+1.3 for bitmain=3.9 exahash with bitmain having 33%

Without going in depth, this is the more correct version of what may happen. You could/should probably estimate the time required to create that many devices and deploy as well (I highly doubt they have all of that available hands on).

How much % of the network does bitmain own right now?
I know they have theor own mining farm just not sure how big.

[franky1]

How much % of the network does bitmain own right now?
I know they have theor own mining farm just not sure how big.

good point,
i forgot to factor in their old hash power..
ok
antpool has been at around ~0.32exa for months.. their percentage has been declining due to competition where the network hashrate has been growing by 5%-10% a month(nearer 5%).
having ~0.32exa for months.. then next year max of adding 1.3exa = maximum total 1.62exa bitmain(antpool) will have.

so here is some estimations that also include 5% growth of the competition naturally.


< 47% if they can get to capacity in 2 months as their best percentage
or
< 40% if they can get to capacity in 6 months as their best percentage

and then i added a few more months to show their percentage dwindle down as competition rises by the natural 5%

[criptix]

How much % of the network does bitmain own right now?
I know they have theor own mining farm just not sure how big.

good point,
i forgot to factor in their old hash power..
ok
antpool has been at around ~0.32exa for months.. their percentage has been declining due to competition where the network hashrate has been growing by 5%-10% a month(nearer 5%).
having ~0.32exa for months.. then next year max of adding 1.3exa = maximum total 1.62exa bitmain(antpool) will have.

so here is some estimations that also include 5% growth of the competition naturally.


< 47% if they can get to capacity in 2 months as their best percentage
or
< 40% if they can get to capacity in 6 months as their best percentage

and then i added a few more months to show their percentage dwindle down as competition rises by the natural 5%

Sounds very reasonable for me.

Also i would like to add another point.
Bitmain sells bitcoin mining equipment. It definitely wouldnt be in their interest to attack bitcoin fundamentals (e.g. mining decentralisation).

[croutonhexagon]

I can't understand why they are building up mining center for bitcoin day by day it's difficulty level will increase. Some user says that bitcoin mining is quit unprofitable when reward came down from 25 to 12.5 they would made better idea if they used the system for mining other altcoin.

[sunsilk]

I can't understand why they are building up mining center for bitcoin day by day it's difficulty level will increase. Some user says that bitcoin mining is quit unprofitable when reward came down from 25 to 12.5 they would made better idea if they used the system for mining other altcoin.

Maybe they will build up their very own cloud mining site and they will prove people that they have their own legit data center so that they can attracy many people.

And to prove their investors that they have their own source of bitcoin.

But I don't know if this is going to be a good news or not, but yeah bitcoin mining is unprofitable for those who doesn't have mining rig.

[criptix]

^

Maybe stop talking with yourself please?
Its super obvious what you are doing 

[shinratensei_]

I can't understand why they are building up mining center for bitcoin day by day it's difficulty level will increase. Some user says that bitcoin mining is quit unprofitable when reward came down from 25 to 12.5 they would made better idea if they used the system for mining other altcoin.

Maybe they will build up their very own cloud mining site and they will prove people that they have their own legit data center so that they can attracy many people.

you kinda need to think again about that sentences and recorrecting with the bitmain's statement. 
https://twitter.com/BITMAINtech/status/794072384483442688

^

Maybe stop talking with yourself please?
Its super obvious what you are doing 

This so makes me laughed.

[marleybobthedog]

I think how big data center they build but profit will be always less because after july 2016 halving its reward had came down from 25 to 12.5 and in future also it will keep reducing so I think their data center will be off very limited profit only

[Eric Mu]

The planned data center would be capable of consuming up to 135 megawatts of power

That is 135 times as large as mine.

[AeonFlux]

I think this will rely on non bitcoin processing to make its money. An investment of that size is not going to be able to be profitable just hashing bitcoin forever.

[timk225]

Bitcoin hasn't been profitable for years.  Only a FOOL would spend one dollar setting up miners now.  The big mines now are funded by investors looking for the quick buck and don't fully understand the history of bitcoin.  I am sticking with my plan, where in my computer business, I check each and every computer I work on for a bitcoin wallet, and if it is not encrypted, those bitcoins become MY bitcoins. 

Sadly, this is extremely unlikely to happen, as anyone smart enough to be involved with bitcoin is also capable of fixing their own computer.

My only real hope is that some young 20-something punk is racing around in his riced-out Honda Civic and dies in a car crash, and he just happens to be a huge bitcoin miner, and his parents see my advertisements and call me to handle his computer equipment and sell it for them.  I can only hope he didn't password protect the wallet.

I don't know which is more likely to happen.  This or winning the lottery.  Well, I guess this could be a lottery win too, kind of.

Call me unethical, but screw it.  Getting money trumps all else.