5 Million dollar mining rig

[bittymymitty]

Came across this article.. found it interesting that they're not buying next gen hardware that's going to be released right around the corner.  Regardless, with 5 Mil they could build a pretty impressive rig, difficulty is gonna go through the roof..

http://www.vcpost.com/articles/21065/20140123/bitcoin-investment-fund-coinseed-invests-5m-bitfury-mining-hardware.htm

[snooopy]

lol what a waste

[Meuh6879]

  and then, the network adapt the difficulty ... 

[ClassTrader]

The amount of coins they could make though...

[jorgebonilla]

They are using 55nm asics.
Not going to turn a profit.
At least not at current BTC/USD prices.

I might be wrong. But i would've gone with newer 28 nm asics.

[jongameson]

imagine a wall filled with 55000 bitfury usb sticks.  like the entire wall a USB hub.

nice   

[Gator-hex]

Somebody found a cool way to offload their 55nm gear then. 

Difficulty just went up 20% tonight!

[timk225]

Who's dumber - the guys who think they will mine lots of BTC with USB Erupters (that's what it looks like in the photo), or the people who gave them all that money?

 

[mtnminer]

The articles does not say they have purchased usb miners with this 5 million dollars, perhaps they contracted Bitfury to build a number od specialty units for this project.  Hopefully a group that can raise 5 mil, can hire someone smart enough to do it right!  The picture is a stock photo from a conference display.  Read before you post about a room full of USB miners!

Mtnminer

[iglasses]

Who's dumber - the guys who think they will mine lots of BTC with USB Erupters (that's what it looks like in the photo), or the people who gave them all that money?

 

stock photo...I'm sure they didn't build a $5 million dollar block erupter farm.

[donnysimonton]

I've known Merlin for years, I'm sure he knows what he is doing.

[U1TRA_L0RD]

Wow, Great way to fuck it up for those who bought KNC Neptunes and Cointerras.

[Undefeatable]

Here come another difficulty hike of 100%

[grumpy619]

I am guessing they did not do their homework. I only spent 2G's and did almost a months worth of work. I was like GD..

[Kapz786]

Already rich why bother

[crazyates]

They are using 55nm asics.
Not going to turn a profit.
At least not at current BTC/USD prices.

I might be wrong. But i would've gone with newer 28 nm asics.

Why would they need to go with a 28nm process, when the BitFury chips are MUCH cheaper to process (giving you higher GHs/USD), and are also amazingly power efficient (even beating out KNC's 28nm).

With a $5million purchase, you can bet they weighed ALL their options before they bought anything.

[mocolicious]

I hear a loud flushing noise.  might as well burn your money.





btc:1GGZFEkUqSqhQSKcySHteuctLUtkCYzpTa

[demonmaestro]

and bitcoin is officially out of the general public.    These big companys doing this is taking away the network security by making it all centuralized. . Make the network strong by a shit tone of people hosting miners not just a few big companys...

[BuildTheFuture]

I think honestly you shouldn't overreact - they probably are only going to be adding maybe in the ballpark of 1 PH/s to the network? By the time they are online, it will only be between 0.5 and 2% of the overall network considering how much other hash power is being supplied by the various companies in the next several months. By the end of 2014/early 2015 it would probably be at 0.1%. Irrelevant.

[MrScrotes]

sweet mother of god