Rumor that Bitmain is going belly up! can't pay its chip builder!

[ccgllc]

I wouldn't put too much emphasis on the S15s "selling out".  Bitmain has been known to have "sold out" of very small quantities of Batch 1 miners before - just to get the publicity.   For instance, perhaps the "sold out" of dozens or perhaps 100s of S15s in minutes.  No big deal.

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[HagssFIN]

Yep.
Who knows if they had as little as 10 miners for sale and sold out very quickly.  

[DaCryptoRaccoon]

Was there not reports too of issues with the chips during development? 
I was sure there was a source that said the wafers were failing.

Could this be a reason to limit how many a customer can buy so they don't end up with 1000's of warranty repair or replace in the next few months.

[Steamtyme]

I wouldn't put too much emphasis on the S15s "selling out".  Bitmain has been known to have "sold out" of very small quantities of Batch 1 miners before - just to get the publicity.   For instance, perhaps the "sold out" of dozens or perhaps 100s of S15s in minutes.  No big deal.

I see what your saying. It does have a certain effect on the market and competitors if you can sell this unit. It seems almost futile unless they truly are grasping at straws, it really only buys them a few weeks when the orders are supposed to ship out. If there aren't a bunch of them being delivered to farms of all sizes it would just raise more questions about their business.

Who knows if they had as little as 10 miners for sale and sold out very quickly.  

That would be one hell of a going out of business sale.

Was there not reports too of issues with the chips during development?

Yeah it was discussed a little at the beginning of the thread

Could this be a reason to limit how many a customer can buy so they don't end up with 1000's of warranty repair or replace in the next few months.

Even if the limit is 2 per customer if the machines fail, you've just spread out the amount of pissed off consumers. More angry people by limiting the purchase amount. The Max quantity does lend more credence to the small batch argument more than anything. If delivered to a large enough sampling of people it does a better job of getting the word out as opposed to a couple of large orders buying up all the stock.

[philipma1957]

The diff math shows that not a lot of new gear is rolling out.

M10
S15
Inno turbo

they are not selling like mad.

What has happened here is :

 12 cent
 10 cent
   8 cent   all lose money at 5500 a btc coin.

with the s9 mining.
with the avalon 841 mining

to turn profit  at 8 cents  you need 100 watts at 1th

an s9 doing 14000 gh at 1400 watts at 8 cents makes 24 cents a day.

So a hosting of an s9  at 1.4 x 24 x 30 = 1008 kwatts  a 30 day month  so at 8 cents  that is 80.64 a kwatt

So if you have a contract for 10 kwatts that is 806.40 a month  to be at break even roughly 7 s9's

We all know the network has 65% s9 gear  all of it at 8 cents and up is dead.

So I ask you  if you have 7 s-9's  at 806.40 a month  (8cents)  and your 6 month renewal bill is due    will you want to pay 4838.40  fuck no you won't

So many hosting sites are going underwater.

If you have done okay for the last few years you may want to consider  mining at a loss with s9's rather then buying some s15

what is a pair of s15's 1475 + 1475 = 2950 add shipping add tax you are over 4050

what do you get  56th at 3200 watts at full speed

what are 4 s9's  56th at 5600 watts at full speed.

2.4kwatts x 24 hours = 57.6kwatts a day or 5.76 cents at 10 cent power  cost 4050

bitmain s9 on ebay with psu = 325 x 4 = 1300

so a savings of 2700    about 54th-56th    

now those s9's mining at 5.6kwatts = 134.40 kwatts a day at 10 cents  that is 13.44 a day

so for 200 days 2688 dollars

So  the s9s are better for 200 days then the s15  and I am not counting  the time you wait for the s15's

at 8 cents  it is 10.75 a day in power  that is 251 days  before the s15 catches up to the s9is

So really only small USA and Europe guys with high power costs have any real interest in the s15.

Lets make you  not in USA lets say Canada tax is 5%

so 2960 x 1.05 = 3108 + 200 to ship say 3308 that is 2k more then the s9's

so  10 cent power   2000/13.44 =  148 days before the s15 starts to catch up

so   8  cent power     2000/10.75 = 186 days defore the s15 starts to catch up

so  the demand at 1475  will be low

even a canada guy at 10 cent power should be very cautious to get a lot of them.

[gentlemand]

Odd concept since they've had original Bitcoin support longer than anything else.

Because it's the biggest and the market demands it, not because they want it to be. They supported all the crappy initiatives to usurp the current version of Bitcoin and Bcash/BCH/BCHABC/BCHSV is ably proving what a shitty idea they all were.

Read that - https://twitter.com/pierre_rochard/status/1064181612815007745

Coinbase have never put out anything as pumpy related to BTC.

[xxxABJxxx]

I wonder on who they sell.

You can not order an Antminer S9 and some other miners in Europe.

I do not know how all this is related but I still have coupons until the end of November.

I would like to redeem them. Unfortunately, I can no longer order the S9 from Europe. fraud?

That's the intention again. From December when all coupons have expired, you can certainly order again at higher prices.

[QuintLeo]

We all know the network has 65% s9 gear  all of it at 8 cents and up is dead.

And it got worse in the last 24 hours.

Gotta wonder if Bitmain finally sold out on their remaining stock of S9 units and decided to pull the trigger on another round of "coin dump" to make more of a market for the S15/T15 as one of the very few profitable miners.

On the other hand, a lot of miners are at 5 cent OR LESS power cost, pretty sure even at current market conditions the S9 is still profitable for the low-cost miners.

I still think "Bitmain cash crunch" is the primary reason for the massive sell pressure on Bitcoin right now - had ANOTHER volume spike that seems to have caused the second "price dump".

[DaCryptoRaccoon]

Even the Avalon miners are being turned off..

Miners beware.  This footage is emotional....

https://twitter.com/DoveyWan/status/1064878600594305025

[philipma1957]

Even the Avalon miners are being turned off..

Miners beware.  This footage is emotional....

https://twitter.com/DoveyWan/status/1064878600594305025

pretty nice info.  makes me smile.

this all very good for the solar array  which has been paid off  and power is about 1 cent (for maintenance)

[DaCryptoRaccoon]

Would love to pick your brains over the solar array @philipma1957

I would agree it's happy times to see it in relation to diff but sad to see that pile being dumped like that.
Those miners could have a nice home somewhere else.

[HagssFIN]

@MagicByt
Are you sure that the video footage is not filmed during the flood in Sichuan area, China?

[OgNasty]

Even the Avalon miners are being turned off..

Miners beware.  This footage is emotional....

https://twitter.com/DoveyWan/status/1064878600594305025

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

[philipma1957]

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

That makes more sense If you have 100 watt a th gear

the red numbers at current diff are

12 cent power and 7697 price mines at a loss
11 cent power and 7055 price mines at a loss
10 cent power and 6414 price mines at a loss I suspect these miners have shut down a lot of  thier gear

9 cent power and 5772.10 price mines at a  loss
8 cent power and 5131.10 price mines at a  loss
7 cent power and 4489.10 price mines at a  loss   this is the group that will be shutting down if this lingers at these prices

6 cent power and 3848.10 price mines at a  loss
5 cent power and 3207.10 price mines at a  loss = these miners may do okay  since diff will drop a bit.

4 cent power and 2565.10 price mines at a  loss
3 cent power and 1923.10 price mines at a  loss =  these are doing just fine for today and I am think they  don't feel pain unless we drop  to 1750

[DaCryptoRaccoon]

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

I'm afraid it's not from the floods.

https://www.trustnodes.com/2018/07/02/flood-destroys-hundreds-gpus-asics-china

That is the floods.

also note no water damage to the miners on the ground.. or wet patches that would suggest flooding.

[sikke1]

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

Maybe not

Same Twitter saying they will pull off S9 miners from hosting because they cannot cover costs.
https://twitter.com/DoveyWan/status/1065016992657301504

https://www.ccn.com/rumors-flood-in-sichuan-china-destroyed-bitcoin-mining-centers/
https://www.coindigital.com/heavy-flooding-damages-major-crypto-mining-operation-in-china/

Way I see it is that only way Bitmain will recover is BCH rebound of 200-400% to clear their assets problems.

[philipma1957]

BCH needs to go to 750 or more.  Maybe 1000

we are looking at a major play  that could backfire.

you need to go all the way back to the Hunt brothers and their play to own the silver market back around 1977-1978  to see anything like this move.

[lightfoot]

the red numbers at current diff are

12 cent power and 7697 price mines at a loss
11 cent power and 7055 price mines at a loss
10 cent power and 6414 price mines at a loss I suspect these miners have shut down a lot of  thier gear

9 cent power and 5772.10 price mines at a  loss
8 cent power and 5131.10 price mines at a  loss
7 cent power and 4489.10 price mines at a  loss   this is the group that will be shutting down if this lingers at these prices

6 cent power and 3848.10 price mines at a  loss
5 cent power and 3207.10 price mines at a  loss = these miners may do okay  since diff will drop a bit.

4 cent power and 2565.10 price mines at a  loss
3 cent power and 1923.10 price mines at a  loss =  these are doing just fine for today and I am think they  don't feel pain unless we drop  to 1750

This of course assumes your floor rental cost is zero, payments on the equipment are zero, maintenance is zero, and of course the one slave who runs the mine is paid 0.

At this point I think these dingbats are mining at a loss. Otherwise they would have crashed the market earlier just to wipe out other miners and lower the difficulty. That's why (IMO) it was rolling around 6500 or so.

Eh, we'll see what happens with this dick-fest.

[OgNasty]

There is no doubt that Bitcoin mines are struggling and shutting down, possibly even going bankrupt. However, this idea that they’re throwing away machines in this fashion that are still selling for hundreds of dollars each is nothing more than a fantasy.

Also, Bitmain is not going belly up. They’re about to list a multi-billion dollar IPO. Let’s keep a little bit of sanity.

[vit05]

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

The floor is not wet in this video. It just seems like they're pulling the miners out of the hack.