Largest Bitcoin Mine In The UK

[Group Bitcoin]

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.

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[odlal]

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

[learning]

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?

[Daniel007]

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.

[cryptoceelo]

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

[MightyBTC]

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

[airpline1]

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

[Scripts]

That looks amazing. Looking forward to seeing more pictures.

[NUMORPHONE]

mining looks so complicated

[homm88]

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?

[Cboy]

mining looks so complicated

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

[Group Bitcoin]

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?

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.

[Group Bitcoin]

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

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.

[07Ghost]

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

[Exoth]

0_0 wow...

[Corenin]

Nice, but more detail would be nice..

[cryptomad]

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

[cryptost]

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.


August:

nice!

[ruins]

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

[mwizard]

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).