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Author Topic: [PIC] The biggest btc mine in the world is right here  (Read 68887 times)
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February 26, 2015, 11:49:52 AM
 #1

This is probably the world's biggest BTC mine (correct me if I'm wrong). It is based in China.
BW Pool and Ant pool are located there, with more than 100,000 mining machines in the 15,000m2 area, working full performance 7x24.
















Some Photos are from http://weibo.com/u/3244140934



Yes, it is indeed shockingly big, and is still expanding its size.

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February 26, 2015, 12:57:54 PM
 #2

Wow, it sure looks impressive. China is on the way to become technology superpower no1.
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February 26, 2015, 01:05:17 PM
 #3

Holy... Shit...

Where is it located so I can break in and steal a miner or who? xD

They would never notice if a miner went down.

Only if they got alerts from them not running.

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February 26, 2015, 01:05:43 PM
 #4

How many the approximate hash power there ?

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February 26, 2015, 01:06:37 PM
 #5

China always one step forward for business in the world. They always understanding with technology develop. Wow thats so big company Cheesy
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February 26, 2015, 01:12:42 PM
 #6

Bbbbut I thought China had banned bitcoin?  Grin It would be interesting to see what their profit margins are now with the current bitcoin value. I wonder if it's more profitable to mine bitcoins or grow weed in those sorts of facilities?  Cheesy What takes more electricity? I guess the hardware for miners doesn't come cheap which likely have to be replaced continually as they break or become redundant. An operation of this size definitely seems like a risky business.

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February 26, 2015, 01:43:43 PM
 #7

Bbbbut I thought China had banned bitcoin?  Grin It would be interesting to see what their profit margins are now with the current bitcoin value. I wonder if it's more profitable to mine bitcoins or grow weed in those sorts of facilities?  Cheesy What takes more electricity? I guess the hardware for miners doesn't come cheap which likely have to be replaced continually as they break or become redundant. An operation of this size definitely seems like a risky business.

Saying China banning BTC is only FUD to lower the bitcoin fiat price.
No one is arrested for trading/mining bitcoin in China.

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February 26, 2015, 01:45:32 PM
 #8

WOW, I bet it's at a higher altitude to keep the miners cool.

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February 26, 2015, 01:49:25 PM
 #9

Bbbbut I thought China had banned bitcoin?  Grin It would be interesting to see what their profit margins are now with the current bitcoin value. I wonder if it's more profitable to mine bitcoins or grow weed in those sorts of facilities?  Cheesy What takes more electricity? I guess the hardware for miners doesn't come cheap which likely have to be replaced continually as they break or become redundant. An operation of this size definitely seems like a risky business.

Saying China banning BTC is only FUD to lower the bitcoin fiat price.
No one is arrested for trading/mining bitcoin in China.
Yep in fact a lot more people get arrested in the West under money laundering regulations for trading.
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February 26, 2015, 01:54:05 PM
 #10

How many the approximate hash power there ?
BW.com/JUA alone is contributing above 34P.

Edited:
Was wrong about the hash power (20P), BW.com hash rate corrected to 34P, of which more than 20 is from JUA deposited coins. The rest should be from individual miners connected to the pool.


Edited again 2015-4-8
Now Bw pool has hash power >46P

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February 26, 2015, 01:56:07 PM
 #11

Wow...

That is what kills home miners.
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February 26, 2015, 01:56:14 PM
 #12

WOW, I bet it's at a higher altitude to keep the miners cool.

Yes it is in the Inner Mongolia province of China, where altitude is high and electricity is cheap.

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February 26, 2015, 02:01:26 PM
 #13

WOW, I bet it's at a higher altitude to keep the miners cool.

Yes it is in the Inner Mongolia province of China, where altitude is high and electricity is cheap.
So is this where my Hashnest miners are located?

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February 26, 2015, 02:08:47 PM
 #14

WOW, I bet it's at a higher altitude to keep the miners cool.

Yes it is in the Inner Mongolia province of China, where altitude is high and electricity is cheap.

Just WOW, China is now dominating the bitcoin mining world. A few years ago this was not possible.
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February 26, 2015, 02:12:17 PM
 #15

Wow, Just WOW!   Sad

This mine and several like this in China is why I can't be profitable running a single antminer at home.   Angry

It is really impressive though, guess they hit the trifecta with cheap asics, cheap electricity/cooling, and hosting/maintenance/manpower...

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February 26, 2015, 02:16:34 PM
 #16

I want to know how much their monthly electric bill is...
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February 26, 2015, 02:17:26 PM
 #17

That's massive. Big. Bigger. Biggest.  Cheesy

Wish they would allow a journalist in there for a documentary.

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February 26, 2015, 02:21:46 PM
 #18

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

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February 26, 2015, 02:25:05 PM
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Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!
It is well known that a lot of people are mining in China. It would not be difficult for a mine to connect to a pool hosted outside of china and even if the pool was located in China it would be very difficult for the government to stop all bitcoin network traffic.

The stratum protocol makes it so regardless of the size of the farm, very little bandwidth is required.
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February 26, 2015, 02:28:45 PM
 #20

So the four biggest pools are all in China, making for over 50% network hashrate.
Interesting.

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February 26, 2015, 02:41:36 PM
 #21

Wow...

That is what kills home miners.
For sure. But it's amazing all that. Congratulations to the owner is responsible.

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February 26, 2015, 02:44:53 PM
 #22

Such a massive bitcoin farm. Wouldn't it be great to visit one of the four biggest mining companies in the world and get one miner as a souvenir? (JK) 20 PH is just. Wow.

I wish I could visit one of those. Cheesy

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February 26, 2015, 02:49:17 PM
 #23

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!
It is well known that a lot of people are mining in China. It would not be difficult for a mine to connect to a pool hosted outside of china and even if the pool was located in China it would be very difficult for the government to stop all bitcoin network traffic.

The stratum protocol makes it so regardless of the size of the farm, very little bandwidth is required.

There are at least 10 football field size buildings filled with miners. Even with stratum that's has to be using a little more than the average amount of bandwidth and power. That place must have its own power distribution station.

I keep searching the images trying to find this on the property. The industrial exhaust fans she is pointing to alone would require their own power distribution station if they are only 1200 CFM 230 volt fans, which is doubtful. One building would sound like the flight deck of a busy aircraft carrier.

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February 26, 2015, 03:22:53 PM
 #24

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

Internet connections cut off ? No
Internet censorship? Yes
Network bandwith? More than enough

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February 26, 2015, 03:37:40 PM
 #25

WoW! that is sooo awesome and so big and that reduces their cost for cooling too Cheesy
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February 26, 2015, 03:39:02 PM
 #26

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

Internet connections cut off ? No
Internet censorship? Yes
Network bandwith? More than enough

I don't think the Chinese government is against Bitcoin at all. I think they support it. This facility can't be out in the wilderness. The internet connection and power requirements, the noise radiating for miles around and the size of the property means the government knows it's there. They must, at least, fully support Bitcoin mining. That's really good news.

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February 26, 2015, 05:37:07 PM
 #27

Man! this is awesome , what is there hash power?
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February 26, 2015, 05:50:17 PM
 #28

Man! this is awesome , what is there hash power?

12.23 P/s, that's what indicated on their site. www.bw.com Insane hashrate man. And definitely a strategic place for a mining farm. The high altitude helps them to lower the costs for cooling. Genius.

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February 26, 2015, 05:59:40 PM
 #29

Man! this is awesome , what is there hash power?

12.23 P/s, that's what indicated on their site. www.bw.com Insane hashrate man. And definitely a strategic place for a mining farm. The high altitude helps them to lower the costs for cooling. Genius.

Wow! no wonder our GPU's can't do shit Cheesy Cheesy
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February 26, 2015, 06:09:40 PM
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 Grin please, mine on P2Pool, BW.COM ...  Cheesy
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February 26, 2015, 06:13:37 PM
 #31

I've always wanted to visit a mining center
Actually never had the urge till these type of things appeared then looking at it wanted to see the sweetness in action myself
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February 26, 2015, 06:21:09 PM
 #32

not very complicated stuff ... gigabit switch, multiple point of connexion (no, the factory don't have 1 point of connexion to internet...).

with autonomous miner (ethernet standalone miner) ... things are very easy (less when USB raise in 2012-2013), except for supply and fan dirt and noise.
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February 26, 2015, 06:47:51 PM
 #33

Man! this is awesome , what is there hash power?

12.23 P/s, that's what indicated on their site. www.bw.com Insane hashrate man. And definitely a strategic place for a mining farm. The high altitude helps them to lower the costs for cooling. Genius.

Wow! no wonder our GPU's can't do shit Cheesy Cheesy

Better use your gpu for playing games and watching (insert video here). Way better to utilize that GPU to some other aspects rather than let it work as a miner. Wink

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February 26, 2015, 06:49:11 PM
 #34

I've always wanted to visit a mining center
Actually never had the urge till these type of things appeared then looking at it wanted to see the sweetness in action myself

You may also want to hear the rattling fan noises around you when you visit a mining farm. Cheesy Definitely a worth it experience if you visit one of these mining centers.

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February 26, 2015, 06:53:01 PM
 #35

interesting to see that, thx for sharing.

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February 26, 2015, 06:53:24 PM
 #36

This is probably the world's biggest BTC mine (correct me if I'm wrong). It is based in China.
BW Pool and Ant pool are located there, with more than 100,000 mining machines in the 15,000m2 area, working full performance 7x24.


Some Photos are from http://weibo.com/u/3244140934



Yes, it is indeed shockingly big, and is still expanding its size.


Note that deposited coins from JUA helped building (~40,000 mining machines) this monstrous base.
They did it like this:
First JUA collects user deposited coins together with the company's money, to buy machines and build bw.com mining pool. After blocks are mined, a considerable portion of generated coins are distributed back to the users as interest every day. The interest earned keeps users coming, and meanwhile the coins users deposited keeps expanding the mine (see also related thread: Choices for earning BTC interest)






looks like we found the 'chinese miner' who has been dumping on us all the time ...
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February 26, 2015, 06:58:43 PM
 #37

This is probably the world's biggest BTC mine (correct me if I'm wrong). It is based in China.
BW Pool and Ant pool are located there, with more than 100,000 mining machines in the 15,000m2 area, working full performance 7x24.


Some Photos are from http://weibo.com/u/3244140934



Yes, it is indeed shockingly big, and is still expanding its size.


Note that deposited coins from JUA helped building (~40,000 mining machines) this monstrous base.
They did it like this:
First JUA collects user deposited coins together with the company's money, to buy machines and build bw.com mining pool. After blocks are mined, a considerable portion of generated coins are distributed back to the users as interest every day. The interest earned keeps users coming, and meanwhile the coins users deposited keeps expanding the mine (see also related thread: Choices for earning BTC interest)






looks like we found the 'chinese miner' who has been dumping on us all the time ...

Found the culprit why there is a decline in price? More dumping than buying within the fast few months. Do you think they're the only one dumping? With that amount of hashrate (12 Petahashes), it obviously has tons of coins generated every day. if they were to dump those coins in one go, that would definitely affect the price significantly.

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February 26, 2015, 06:59:02 PM
 #38

Bitcoin mining has become way too difficult/expensive for most people:
Long live alt coins, so everyone can participate!

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February 26, 2015, 07:05:11 PM
 #39

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

Internet connections cut off ? No
Internet censorship? Yes
Network bandwith? More than enough

I don't think the Chinese government is against Bitcoin at all. I think they support it. This facility can't be out in the wilderness. The internet connection and power requirements, the noise radiating for miles around and the size of the property means the government knows it's there. They must, at least, fully support Bitcoin mining. That's really good news.


Well China has in my opinion 75%-85% of all the hashrate today Bitcoin industry is much more active than in any other country #1 Mining #1 Exchanges #1 Storage, you dont need to believe everything you read. China is wining the race.

In the last Year BFL, Cointerra, HashFast died, none of the big mining companies in USA succeed MegaBitPower does not grow, Cointerra died, Aquifer died.

So did you really think is Chinese goverment against Bitcoin?

95% of the miners made in China, most for internal mining.

Regards

Juan


 
 
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February 26, 2015, 07:16:04 PM
 #40

That's insane. These 2 fellas are the new rothchilds.. they are going too be Too Rich in the next decades.


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February 26, 2015, 07:21:24 PM
 #41

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

Internet connections cut off ? No
Internet censorship? Yes
Network bandwith? More than enough

I don't think the Chinese government is against Bitcoin at all. I think they support it. This facility can't be out in the wilderness. The internet connection and power requirements, the noise radiating for miles around and the size of the property means the government knows it's there. They must, at least, fully support Bitcoin mining. That's really good news.


Well China has in my opinion 75%-85% of all the hashrate today Bitcoin industry is much more active than in any other country #1 Mining #1 Exchanges #1 Storage, you dont need to believe everything you read. China is wining the race.

In the last Year BFL, Cointerra, HashFast died, none of the big mining companies in USA succeed MegaBitPower does not grow, Cointerra died, Aquifer died.

So did you really think is Chinese goverment against Bitcoin?

95% of the miners made in China, most for internal mining.

Regards

Juan


Being clever is great but being industrious is better. Americans believe they are so clever but they're lazy. The Chinese are obviously both clever and industrious. Funny that the land of the free is not so free and the land of censorship is free and accepting.

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February 26, 2015, 07:58:43 PM
 #42

Wow...

That is what kills home miners.

This and farms like it, absolutely.  I look forward to the block reward dropping and these facilities no longer being cost effective to run.  Bring mining back to the individuals!

Here's an article on this mine: http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/
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February 26, 2015, 08:18:26 PM
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Have they been there since the start, or did they just get in recently ? How are they still profitting at the current price ?

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February 26, 2015, 08:31:25 PM
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Have they been there since the start, or did they just get in recently ? How are they still profitting at the current price ?

Started recently, still growing, size = profit.
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February 26, 2015, 08:43:33 PM
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So this is the mine we've seen late last year already in full steam... Simply amazing Smiley This one needs a serious video too!
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February 26, 2015, 09:06:22 PM
 #46

...

Latest stats I pulled from blockchain.info's Mining Pool Stats, I see that the top three are Chinese -- number after pool name (first group) is the percentage of blocks recently won.  Second group shows number of blocks won.

https://blockchain.info/pools

(Note that blockchain.info does not show BW.COM)

AntPool: 19
F2Pool: 16
BTCChina Pool: 8
GHash.IO: 7
KnCMiner: 6
Slush: 4
BTC Guild: 3
Eligius: 3
Bitcoin Affiliate Network: 1
Unknown with 1BwZeHJ Address: 1
BitMinter: 1
Unknown: 32
Other Known: 1

Known Blocks.
Relayed By   count
AntPool   108
F2Pool   92
BTCChina Pool   48
GHash.IO   38
KnCMiner   33
Slush   21
BTC Guild   16
Eligius   15
Bitcoin Affiliate Network   6
Unknown with 1BwZeHJ Address   4
BitMinter   3
P2Pool   2
EclipseMC   2
Megabigpower   1
 
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February 26, 2015, 09:12:43 PM
 #47

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!

The mining would need very little bandwidth. They're running the pool there, so all work traffic can be done over the local network.  There's no technical reason why they would require more bandwidth than a single full node requires.
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February 26, 2015, 09:16:32 PM
 #48

Wow, it sure looks impressive. China is on the way to become technology superpower no1.
Yes they are.. the fact they have more freedom then Mericans it is now only a matter of time before america looks like england and China is the new superpower of the world.  This is 100% the fault of Americans allowing their gov to strangle hold their country and annihilate the ability to produce new technology.
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February 27, 2015, 03:21:33 AM
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absolute insanity.  but in a god way.  puts my mining operation in perspective.  so what btc price would put them in the red?
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February 27, 2015, 06:21:52 AM
 #50

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!
You need no more external Internet bandwidth for a mining farm, regardless of size, than to run a full Bitcoin node. 
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February 27, 2015, 07:11:42 AM
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This is why i think home scale mining not profitable anymore, because large scale mining like this one kill small player.
China user do mining seriously, although many FUD there about PBOC banned bitcoin
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February 27, 2015, 09:32:32 AM
 #52

Holy shit .... this is really sick  Shocked

BTW, how much is electricity cost in china ?
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February 27, 2015, 09:38:30 AM
 #53

Wow...

That is what kills home miners.

This and farms like it, absolutely.  I look forward to the block reward dropping and these facilities no longer being cost effective to run.  Bring mining back to the individuals!

Here's an article on this mine: http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Block reward dropping applies to everybody. Profitable home mining for BTC is a past.
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February 27, 2015, 11:12:32 AM
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Holy shit .... this is really sick  Shocked

BTW, how much is electricity cost in china ?
it's around 8 cents USD / kWh
one of the cheapest in the world
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February 27, 2015, 11:15:32 AM
 #55

Pool server can be hosted outside china while hash calculation done in china. Considering that china don't even have capital gain tax, this kind of operation is much cheaper than any other countries. For chinese companies, these are just costs that can be deducted

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February 27, 2015, 11:47:08 AM
 #56

Holy shit .... this is really sick  Shocked

BTW, how much is electricity cost in china ?
it's around 8 cents USD / kWh
one of the cheapest in the world

It's definitely not the cheapest in the world at that price. But with some good connection you could get a nice subsidized cost...

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
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February 27, 2015, 01:43:06 PM
 #57

Are internet connections no longer necessary to mine Bitcoin? Are all of those buildings filled with miners? I thought China had censored and limited internet? They would need more bandwidth than a major university. Impressive!
You need no more external Internet bandwidth for a mining farm, regardless of size, than to run a full Bitcoin node. 

Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

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February 27, 2015, 09:38:58 PM
 #58

If I got a satoshi for everytime someone in this thread posts 'wow', Id be well underway building a similar sized farm Smiley

Seriously impressive though. The length of that corridor is absolutely insane. Makes KnC's datacenter look like a hobby project.
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February 27, 2015, 11:47:15 PM
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Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.
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February 28, 2015, 06:15:53 AM
 #60

How do they dump all the mined coins and move proceeds through banks without being shut down? In the US, this would be nearly impossible to do without some sort of laundering scheme.

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February 28, 2015, 09:48:57 AM
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Massive site. It's pretty impressive.
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February 28, 2015, 09:50:09 AM
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Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.

How so? How do you know bitcoin's value will keep decreasing and the block halving should theoretically push the price up due to supply and demand.

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February 28, 2015, 09:56:49 AM
 #63

How do they dump all the mined coins and move proceeds through banks without being shut down? In the US, this would be nearly impossible to do without some sort of laundering scheme.


But they're not in the US, and there's plenty of American miners anyway. Mining bitcoins isn't illegal. They'll just pay their taxes and I don't see why there should be any problems or trouble. Obviously they'll have to find banks ok with it but I'm sure there's some.
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February 28, 2015, 09:58:13 AM
 #64


Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.


What I see is when difficulty gets higher eventually they will need to invest in new hardware to keep up and stay in competition. The real test will come when the halving occurs which basically cut the reward into half. Unless they have the advantage like low electricity cost, cheap mining equipment, natural cooling and stuff like that, I think only the most efficiently run mining farm will continue to be profitable.

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February 28, 2015, 10:06:58 AM
 #65


Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.

How so? How do you know bitcoin's value will keep decreasing and the block halving should theoretically push the price up due to supply and demand.

2 months ago a miner wrote on reddit, that he can even mine profitable with a bitcoin price of 90 USD - so do the math  Wink

its a very profitable business when you do it right.

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February 28, 2015, 10:10:49 AM
 #66

All I can think is: what a waste. The same hardware could be folding proteins or something...

Anybody made a coin with PoW doing something useful? I remember several proposals, but is there anything working?

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
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February 28, 2015, 10:13:15 AM
 #67


Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.


What I see is when difficulty gets higher eventually they will need to invest in new hardware to keep up and stay in competition. The real test will come when the halving occurs which basically cut the reward into half. Unless they have the advantage like low electricity cost, cheap mining equipment, natural cooling and stuff like that, I think only the most efficiently run mining farm will continue to be profitable.

Replacing miners is just one thing any miner will have to factor in especially as the difficulty increases, but the price of hardware will likely come down as technology advances as well, though electricity prices could go up. I think -or at least hope - bitcoin's price will be multiples of what it is now by the time of the halving but hopefully due to basic supply and demand the halving will also cause the value of coins to rise due to the scarcity of them. It's going to be an interesting thing to see what actually happens.
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February 28, 2015, 10:16:39 AM
 #68

If I got a satoshi for everytime someone in this thread posts 'wow', Id be well underway building a similar sized farm Smiley

Seriously impressive though. The length of that corridor is absolutely insane. Makes KnC's datacenter look like a hobby project.

I guess this one won't be getting a spot on your mining ponzi topic soon. Right? What are your thoughts on their transparency?














 

 

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BitBlender 

 













 















 












 
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February 28, 2015, 10:19:40 AM
 #69


Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.

How so? How do you know bitcoin's value will keep decreasing and the block halving should theoretically push the price up due to supply and demand.

2 months ago a miner wrote on reddit, that he can even mine profitable with a bitcoin price of 90 USD - so do the math  Wink

its a very profitable business when you do it right.

Now that statement is quite worrying. Initially I thought I read somewhere that they can survive pretty well at $160. At $90, that is even lower. So if what the guy says is true, generally he will only get hit once two more halvings have occurred. Therefore I make it a point to look at btc as long term investment.

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February 28, 2015, 12:40:22 PM
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The mining would need very little bandwidth. They're running the pool there, so all work traffic can be done over the local network.  There's no technical reason why they would require more bandwidth than a single full node requires.


heeeeeeeeuuuuuuu, no.



that's why we have orphan and DOA ... graphic to explain WHY bandwith is very important when you hash ... VERY FAST !
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February 28, 2015, 01:19:02 PM
 #71


Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.

How so? How do you know bitcoin's value will keep decreasing and the block halving should theoretically push the price up due to supply and demand.

2 months ago a miner wrote on reddit, that he can even mine profitable with a bitcoin price of 90 USD - so do the math  Wink

its a very profitable business when you do it right.

Now that statement is quite worrying. Initially I thought I read somewhere that they can survive pretty well at $160. At $90, that is even lower. So if what the guy says is true, generally he will only get hit once two more halvings have occurred. Therefore I make it a point to look at btc as long term investment.

Maybe he has free electricity? I'm also not sure if miners can operate at $90 though I'm not a mining expert.
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February 28, 2015, 01:24:20 PM
 #72

Maybe you want to check out the electricity cost in Iceland. I read it is much lower compared to other countries and with the cold climate basically you have natural cooling and without the need for electricity to operate cooling fans. Maybe much more efficient than in China...

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February 28, 2015, 01:29:35 PM
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Just thinking that would the difficulty reduce of that place blows up?

Stay hungry. Stay foolish.
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February 28, 2015, 01:31:44 PM
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Oh, I didn't realize that. Well then there's no cap to how much of the mining they can take over. I guess eventually the Chinese will have complete control of Bitcoin. Do you believe they can keep adding to these couple of large farms and not eventually knock everyone else out of the mining business?

Eventually these farms will be cost prohibitive to run, whether from declining BTC value or decrease in the block chain reward.

How so? How do you know bitcoin's value will keep decreasing and the block halving should theoretically push the price up due to supply and demand.

2 months ago a miner wrote on reddit, that he can even mine profitable with a bitcoin price of 90 USD - so do the math  Wink

its a very profitable business when you do it right.

Now that statement is quite worrying. Initially I thought I read somewhere that they can survive pretty well at $160. At $90, that is even lower. So if what the guy says is true, generally he will only get hit once two more halvings have occurred. Therefore I make it a point to look at btc as long term investment.

Maybe he has free electricity? I'm also not sure if miners can operate at $90 though I'm not a mining expert.
miners can operate at 90$, but the only thing is that they will have to built their own equipments. Its always profitable for them to mine when they build their equipments and don't buy them.

Stay hungry. Stay foolish.
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February 28, 2015, 03:18:04 PM
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Build their own equipment? What are you talking about? building miners? I've never heard of that. If so do you have any links?
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February 28, 2015, 03:45:44 PM
 #76

Build their own equipment? What are you talking about? building miners? I've never heard of that. If so do you have any links?

I think it's more towards how they assemble the parts and combine it together. Obviously the microchips are factory made but these guys probably know how to arrange it on the board so that it operates in the most efficient way especially taken into consideration the cooling and energy consumption part.

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February 28, 2015, 03:48:08 PM
 #77

Damn Shocked That's huge .
Who owns them ? Probably a Chinese millionaire or billionaire (business man) .

~ Madness

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February 28, 2015, 03:53:01 PM
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Damn Shocked That's huge .
Who owns them ? Probably a Chinese millionaire or billionaire (business man) .

~ Madness
Must be an engineer who started manufacturing the mining units. Those made him rich and now he is a millionaire/billionaire. He did not start mining because he was rich but he became rich because he started mining.

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February 28, 2015, 03:54:59 PM
 #79

Build their own equipment? What are you talking about? building miners? I've never heard of that. If so do you have any links?
Well I don't think its an easy job for a guy like you and me. But this mine is probably owned by some owner of a miner manufacturing company like ant /bitmain. They manufacture their own equipments and mine with them.

Stay hungry. Stay foolish.
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February 28, 2015, 03:56:15 PM
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How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.
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February 28, 2015, 03:59:56 PM
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How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.
Don't know about the Chinese government but these would have been some owners of the manufacturing companies, those companies may have started by selling the equipments but now they find it useful to mine themselves.

In todays time most of the mining power is controlled by equipment manufacturers. This was well predicted by ckolivas almost 4years ago.

Stay hungry. Stay foolish.
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February 28, 2015, 04:09:20 PM
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Build their own equipment? What are you talking about? building miners? I've never heard of that. If so do you have any links?

I think it's more towards how they assemble the parts and combine it together. Obviously the microchips are factory made but these guys probably know how to arrange it on the board so that it operates in the most efficient way especially taken into consideration the cooling and energy consumption part.

Not sure if that's building a miner, more assembling one  Cheesy. These big mining farms obviously have to compile them together somehow but it's not difficult.
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February 28, 2015, 04:25:22 PM
 #83

The mining would need very little bandwidth. They're running the pool there, so all work traffic can be done over the local network.  There's no technical reason why they would require more bandwidth than a single full node requires.


heeeeeeeeuuuuuuu, no.



that's why we have orphan and DOA ... graphic to explain WHY bandwith is very important when you hash ... VERY FAST !

I know you're right, they would need a lot more bandwidth. I think they're talking about the idea that a stratum mining proxy can handle an unlimited number of connected workers. Yes, it's much better than the old HTTP/getwork protocol but that much work happening that fast would need a very fast connection to the network.

That doesn't matter. That's not even the point I was trying to make. The Chinese are taking over Bitcoin with huge farms because they currently have the ability. The distributed network will eventually be distributed in China only. Is that a bad thing? Who knows, probably not. I think it's nearly impossible to have a farm that large, utilizing that many resources and that loud without having the government know about its existence. What will happen if the network usage increases because the proposed fork allows increased usage and the network is relying on chinese computing power? What if the Chinese government suddenly decides Bitcoin is an invention of the great satan to sabotage their economy and shuts down all the Chinese mega farms at once?

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February 28, 2015, 05:40:22 PM
 #84

How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.
Don't know about the Chinese government but these would have been some owners of the manufacturing companies, those companies may have started by selling the equipments but now they find it useful to mine themselves.

In todays time most of the mining power is controlled by equipment manufacturers. This was well predicted by ckolivas almost 4years ago.
Some started from the bottom and scalated by investing their bitcoin mining gains into more machines, but a lot have gone bankrupt since the price crash.


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February 28, 2015, 05:43:20 PM
 #85

How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.

Why would the Chinese government get involved? It's not like they're doing anything illegal.
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February 28, 2015, 05:47:46 PM
 #86

How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.

Why would the Chinese government get involved? It's not like they're doing anything illegal.

I'm not well versed in chinese law but I'd assume they can do anything they want to do if they see something as a threat. Pretty much the same thing America does (oh, americans call it a terrorist first though).

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February 28, 2015, 07:58:39 PM
 #87

That doesn't matter. That's not even the point I was trying to make. The Chinese are taking over Bitcoin with huge farms because they currently have the ability. The distributed network will eventually be distributed in China only. Is that a bad thing? Who knows, probably not. I think it's nearly impossible to have a farm that large, utilizing that many resources and that loud without having the government know about its existence. What will happen if the network usage increases because the proposed fork allows increased usage and the network is relying on chinese computing power? What if the Chinese government suddenly decides Bitcoin is an invention of the great satan to sabotage their economy and shuts down all the Chinese mega farms at once?

With the ever decreasing block reward these mines will eventually become cost-prohibitive to run, even in China.

If all of China went dark to bitcoin the system would reach equilibrium eventually, I don't think it would necessarily be a bad thing.
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February 28, 2015, 08:40:00 PM
 #88

How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.

lol, just because its a massive operation doesnt mean that there is gouvernment involved. They are probably working in cooperation with some asic manufacturer, so they
probably get their miners first also, increasing the profit furthermore.

The sad part is that thing like theese along with the making of asics made it impossible for the little guy to profit anymore.
Many of users here got involved in bitcoin because of mining, and they cant do that, because they probably wont even ROI their first machine, bitcoin got alot with asics,
but lost alot also. Wouldnt it be great if we were still mining bitcoin with our gpu's , allowing everyone to take a piece of the cake ?

cheers

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February 28, 2015, 08:45:51 PM
 #89

I used to tell Litecoiners that LTC is a Chinese coin because trading and mining activities are centralized in China. Now i realized that Bitcoin is no different. Sighhhh...
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February 28, 2015, 09:17:01 PM
 #90

I used to tell Litecoiners that LTC is a Chinese coin because trading and mining activities are centralized in China. Now i realized that Bitcoin is no different. Sighhhh...

Trading was always huge there. So the next step was mining.

But that does not mean any coin is Chinese Smiley
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February 28, 2015, 09:52:57 PM
 #91

All I can think is: what a waste. The same hardware could be folding proteins or something...
No, no it couldn't. It's ASIC, application specific, all it can do is hash.
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February 28, 2015, 10:04:19 PM
 #92

How to buy hash from bw.com?
How much is the 1 ghs price?
What's the minimum amount of investment? Grin


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March 01, 2015, 04:45:24 AM
 #93

How to buy hash from bw.com?
How much is the 1 ghs price?
What's the minimum amount of investment? Grin

1 ~35P
2 for hash price you should contact through their website
3 They have a bank like platform called JUA, which let people deposite their coins and generate interest.
Deposited coins are converted (buying/building) bw mining machines. So the minimum amount of investment is any amount, like 0.001

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March 01, 2015, 04:49:57 AM
 #94

Damn Shocked That's huge .
Who owns them ? Probably a Chinese millionaire or billionaire (business man) .

~ Madness

Yep, it's that huge.
And also, you guessed it right. billionaire (brother of...), as far as I know

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March 01, 2015, 04:53:08 AM
 #95

How did these guys start? i wonder how the hell did they escalate to this massive ass mien without the chinese government being involved.
Don't know about the Chinese government but these would have been some owners of the manufacturing companies, those companies may have started by selling the equipments but now they find it useful to mine themselves.

In todays time most of the mining power is controlled by equipment manufacturers. This was well predicted by ckolivas almost 4years ago.
Some started from the bottom and scalated by investing their bitcoin mining gains into more machines, but a lot have gone bankrupt since the price crash.
Yes, the company's coins and together with investers, through their platform called JUA, which provides decent amount of interest for plain bitcoin holders who want their coin number to grow in the long run.

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March 01, 2015, 05:43:27 AM
 #96

These mines are HUGE!!
Must visit them sometime.
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March 01, 2015, 07:14:49 AM
 #97

China have cheap electricity & lot price is cheaper than other country
So, it make sense if they able to make big mining place

Maybe china will have big percentage of total bitcoin & other cryptocrrency

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March 01, 2015, 07:33:39 AM
 #98

So that's the bitcoin central bank




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March 01, 2015, 08:59:29 AM
 #99

So that's the bitcoin central bank

You are right the big bank of JUA will be internationalized soon.
In 2015 the company will employ professionals in the U.S. to do lobbying and promotion.
Wondering what name would that new i18ned site be, maybe bitbank Grin

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March 01, 2015, 09:12:28 AM
 #100

All I can think is: what a waste. The same hardware could be folding proteins or something...
No, no it couldn't. It's ASIC, application specific, all it can do is hash.

Yeah, but what I meant is that we could instead focus our efforts on building hardware specifically to facilitate useful applications.

Imagine a popular coin based on something like protein folding - the miners' arms race would drive the calculation power of such network sky-high!

And we would have warehouses with 100,000 ASIC's doing something good, and not just wasting electricity.

We all are paying for this, you know. Might as well pay for something more useful.

Yes, it's more difficult to make hardware that does things that are more complex than just 2 rounds of SHA, but not impossible. A few coins proposed something like this, I wonder if there's anything working already...

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March 01, 2015, 09:33:48 AM
 #101

May I ask why is it only in China that the biggest mines exist ? Their electricity is between 7-10 cents and isn't the cheapest on the planet.

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March 01, 2015, 12:01:40 PM
 #102

May I ask why is it only in China that the biggest mines exist ? Their electricity is between 7-10 cents and isn't the cheapest on the planet.

Maybe they can get cheap miners and hardware? There must be big profit in it less it wouldn't happen.

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March 01, 2015, 12:12:58 PM
 #103

May I ask why is it only in China that the biggest mines exist ? Their electricity is between 7-10 cents and isn't the cheapest on the planet.

Maybe they can get cheap miners and hardware? There must be big profit in it less it wouldn't happen.

That would make sense, but maybe even then someone from any other country could buy the miners and run it at a palce with cheaper mining costs.

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March 01, 2015, 04:03:55 PM
 #104

May I ask why is it only in China that the biggest mines exist ? Their electricity is between 7-10 cents and isn't the cheapest on the planet.

Maybe they can get cheap miners and hardware? There must be big profit in it less it wouldn't happen.

The manufacturers like Bitmain are in China, but they are also relying on cheep labor, which allows them to set up the operation at lower cost. The Chinese are also workaholics and jump at new opportunities.


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World
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March 01, 2015, 06:38:41 PM
 #105

I hope that some % of the new coins will be distributed for the poorest who are most deserving or on social platforms.

Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
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March 01, 2015, 06:56:50 PM
 #106

I hope that some % of the new coins will be distributed for the poorest who are most deserving or on social platforms.

You really believe that these people, who cut costs where they can and probably operate on a very thin margin, will now share the profits with the rest of the world?

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March 01, 2015, 07:25:01 PM
 #107

Adoption and distribution is a win-win situation for the both sides.

Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
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March 02, 2015, 05:37:05 AM
 #108

May I ask why is it only in China that the biggest mines exist ? Their electricity is between 7-10 cents and isn't the cheapest on the planet.
Electricity is just one factor, although a salient one. The technology, money, cheap man power, neutral government attitiude are all accountable for that.

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March 02, 2015, 05:53:45 AM
 #109

There are still people, thinking that mining is dead and as more miners leave, that the whole Bitcoin protocol will fail.

This should nip that misconception in the butt...  Grin

The upside to this operation is the temperature and electricity.... it gives them a huge edge above the rest. Just great to see such a monster operation.... real miner porn.  Grin

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March 02, 2015, 06:15:52 AM
 #110

Is it even worth it with the difficulty and low Bitcoin price? I could see this being very profitable if Bitcoin's price wasn't so low.
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March 02, 2015, 06:29:13 PM
 #111

Is it even worth it with the difficulty and low Bitcoin price? I could see this being very profitable if Bitcoin's price wasn't so low.

If it wasn't profitable it wouldn't exist.  With cheap electricity (given location in the world) and cheap hardware (since the hardware manufacturers run these farms) it is very profitable right now, despite the "low" BTC value.  Calling the value today low is totally relative, however.
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March 04, 2015, 12:46:02 AM
 #112

Is it even worth it with the difficulty and low Bitcoin price? I could see this being very profitable if Bitcoin's price wasn't so low.

Well, I don't think they would be running it if they were losing money. They more than likely buy the miners in bulk, and save a ton of money. Not only that, they probably have a deal with the power company getting cheaper power. So they have many more advantages the the home miners do.
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March 04, 2015, 01:01:41 AM
 #113

Is it even worth it with the difficulty and low Bitcoin price? I could see this being very profitable if Bitcoin's price wasn't so low.

When you are running bussines on that much of a scale, its much easier to find profits, because even borderline profits are making you significant amounts of money,
now, if we can assume that some of the buyers want to get their hand on some bitcoin without raising market price, it woul be logical to assume that they could; in
arangement with operators like this, do just that, and noone would know.


cheers

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March 04, 2015, 01:06:52 AM
 #114

As you can see bitcoin price is far from stable and we can have a huge pump judging by today's price rise. It is true that when bitcoin price is low mining is not profitable but you need to make that calculation in mind. Price may rise at any moment after all.
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March 12, 2015, 10:40:56 PM
 #115

If I got a satoshi for everytime someone in this thread posts 'wow', Id be well underway building a similar sized farm Smiley

Seriously impressive though. The length of that corridor is absolutely insane. Makes KnC's datacenter look like a hobby project.

I guess this one won't be getting a spot on your mining ponzi topic soon. Right? What are your thoughts on their transparency?

Sorry, missed this. Answer can be found here:
https://bitcointalk.org/index.php?topic=878387.msg10735286#msg10735286
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March 12, 2015, 10:58:18 PM
 #116

That is a crazy setup, I love to see farms nice and tidy but it makes my office feel like a total dump
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March 13, 2015, 12:13:57 AM
 #117

Is the electricity cheaper in China? Because with a hardware like that the monthly bill must be monstrous lol Shocked

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March 13, 2015, 01:36:08 AM
 #118

Is the electricity cheaper in China? Because with a hardware like that the monthly bill must be monstrous lol Shocked

This guy says it's in the Inner Mongolia where you get cheap electricity and it's high altitude freezing cold, so less cooling bills.


WOW, I bet it's at a higher altitude to keep the miners cool.

Yes it is in the Inner Mongolia province of China, where altitude is high and electricity is cheap.
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March 13, 2015, 02:37:14 AM
 #119

Quote

It is impossible to know exactly how many different electricity rates exist in mainland China, according to a report that says neither government officials who supervise power companies nor even the people who work there have a firm answer.

Government data from 2010 showed that the average on-grid price for power generating companies had touched 0.38 yuan (US$0.062) per kWh, Shanghai's First Financial Daily reports.

In terms of the transmission and electricity distribution rates, the fare charged by the State Grid for 2010 stood at 0.16 yuan (US$0.026) per kWh, while China Southern Power Grid had fixed its rate at 0.2 yuan (US$0.032) per kWh.

The average user-end rate reached 0.58 yuan (US$0.094) during the same year, and the user-end fees were categorized into the price of electricity for residential use, which stood at 0.47 yuan (US$0.079) per kWh and for commercial use at 0.81 yuan (US$0.13).

The tariff for non-residential use was pegged at 0.74 yuan (US$0.12), for non-industrial use at 0.77 yuan (US$0.12), for major industrial use at 0.61 yuan (US$0.1), for agricultural use at 0.43 yuan (US$0.07), and for farmers in poor areas at 0.19 yuan (US$0.03), the report said.

An official at the National Energy Administration said that the reality of the situation was much more complicated, however. The official told reporters that there may be more than 1,000 different fees in existence in different parts of the country.

Using Beijing as an example, the newspaper pointed out that there were 314 different fee schedules in the capital.

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March 13, 2015, 04:03:08 AM
 #120

I see you could get shares from here. I wonder if it's possible to buy shares from the U.S. Looks like the only way possible is to make a QQ account or a Weibo.
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April 06, 2015, 10:00:00 PM
 #121

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin
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April 06, 2015, 10:18:42 PM
 #122

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin

im sure they get a special deal giving the volume of hardware they have, i know a friend that works in a mine and something times get pick up large bulk sale at 75% off retail price. and they get a direct contact with manufacturing.
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April 06, 2015, 10:28:50 PM
 #123

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin
They're using Bitmain gear same as us.

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April 06, 2015, 10:32:11 PM
 #124

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin

im sure they get a special deal giving the volume of hardware they have, i know a friend that works in a mine and something times get pick up large bulk sale at 75% off retail price. and they get a direct contact with manufacturing.
yea special deal is a must in large bulk sale.
but in another thread discus that someone buy 20 miner hardware, got 6 defected hardware  Cheesy
how about 40000?   Grin

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin
They're using Bitmain gear same as us.
yea, made in their countries too..
so it no need more expensive shipping. no duty fee, etc
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April 06, 2015, 11:53:05 PM
 #125

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin

im sure they get a special deal giving the volume of hardware they have, i know a friend that works in a mine and something times get pick up large bulk sale at 75% off retail price. and they get a direct contact with manufacturing.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.
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April 07, 2015, 01:18:18 AM
 #126

thats very huge mining farm..
40000 hardware? how many defect hardware on it, especially made in china hardware  Grin

im sure they get a special deal giving the volume of hardware they have, i know a friend that works in a mine and something times get pick up large bulk sale at 75% off retail price. and they get a direct contact with manufacturing.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.
maybe yes maybe no..
it is all device are bitmain product?
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April 07, 2015, 06:08:55 AM
 #127

In China, the hardware is really cheap. Mining equipment cost less than half of what it is in the United States or the European Union. However, I am curious to know how they are paying for their electricity.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.

Oh... that explains everything.

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April 07, 2015, 06:36:40 AM
 #128

In China, the hardware is really cheap. Mining equipment cost less than half of what it is in the United States or the European Union. However, I am curious to know how they are paying for their electricity.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.

Oh... that explains everything.

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.

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April 07, 2015, 11:45:09 AM
 #129

In China, the hardware is really cheap. Mining equipment cost less than half of what it is in the United States or the European Union. However, I am curious to know how they are paying for their electricity.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.

Oh... that explains everything.

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

Stay hungry. Stay foolish.
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April 07, 2015, 11:51:08 AM
 #130

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

He was probably referring to Inner Mongolia (Nei Mongol Autonomous Region), which is one of the federal subjects within China. Inner Mongolia is not a part of the Republic of Mongolia.

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April 07, 2015, 11:54:39 AM
 #131

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

He was probably referring to Inner Mongolia (Nei Mongol Autonomous Region), which is one of the federal subjects within China. Inner Mongolia is not a part of the Republic of Mongolia.
okay. Just google up inner Mongolia and outer Mongolia and it showed that both the reasons were same. Okay he might be referring to those regions but how did he know if its Mongolia?

Stay hungry. Stay foolish.
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April 07, 2015, 11:56:21 AM
 #132

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

He was probably referring to Inner Mongolia (Nei Mongol Autonomous Region), which is one of the federal subjects within China. Inner Mongolia is not a part of the Republic of Mongolia.
okay. Just google up inner Mongolia and outer Mongolia and it showed that both the reasons were same. Okay he might be referring to those regions but how did he know if its Mongolia?

There is a video around showing one of their data centers and the video says it is in Mongolia where electrical rates are some of the lowest in the world.

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April 07, 2015, 11:57:08 AM
 #133

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?
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April 07, 2015, 11:59:43 AM
 #134

okay. Just google up inner Mongolia and outer Mongolia and it showed that both the reasons were same. Okay he might be referring to those regions but how did he know if its Mongolia?

You are confusing the historical region of Mongolia with the present-day nation of Mongolia. The historical Mongolia was split in to two. The Northern portion came under the Soviet influence and became the Mongolian People's Republic. The Southern portion was annexed by China in the 20th century.

The Mongolian People's Republic is having a population of 2 million, mostly composed of ethnic Mongols.

The Inner Mongolian region is having a population of close to 30 million, of which around 15% are Mongols.

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April 07, 2015, 12:02:20 PM
 #135

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?
Yeah. The place is pretty big and its not possible to gaurd that place without employing a lot of security personals, but I guess the place is generating enough money to build up a good security system with a few people guarding this place.

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

He was probably referring to Inner Mongolia (Nei Mongol Autonomous Region), which is one of the federal subjects within China. Inner Mongolia is not a part of the Republic of Mongolia.
okay. Just google up inner Mongolia and outer Mongolia and it showed that both the reasons were same. Okay he might be referring to those regions but how did he know if its Mongolia?

There is a video around showing one of their data centers and the video says it is in Mongolia where electrical rates are some of the lowest in the world.
Oh okay! Thanks for that.

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April 07, 2015, 12:07:27 PM
 #136

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?

I haven't seen one video of these giants mines where they weren't patrolled by at least a few people who look after the day to day running of the things and to make sure everything runs smoothly. Would be pretty silly or dangerous not to do so to be honest.

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April 07, 2015, 12:08:13 PM
 #137

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?
Yeah. The place is pretty big and its not possible to gaurd that place without employing a lot of security personals, but I guess the place is generating enough money to build up a good security system with a few people guarding this place.

The mines are in places like Outer Mongolia where electricity rates are very low. At least less than 5 U.S. cents per KW equivalent and possibly as low as half of that. They make quite a nice profit.
Its not Mongolia. Its China(mentioned in the OP) and as discussed many times before these guys are most probably the device manufacturers themselves and they can make profits even if the electricity isn't cheap(and even if bitcoin continues to go down in its price).

He was probably referring to Inner Mongolia (Nei Mongol Autonomous Region), which is one of the federal subjects within China. Inner Mongolia is not a part of the Republic of Mongolia.
okay. Just google up inner Mongolia and outer Mongolia and it showed that both the reasons were same. Okay he might be referring to those regions but how did he know if its Mongolia?

There is a video around showing one of their data centers and the video says it is in Mongolia where electrical rates are some of the lowest in the world.
Oh okay! Thanks for that.

This article from the Economist talks about some of the biggest bitcoin mines in the world are in Inner Mongolia (sorry I got my outer mixed up with my inner before).

http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic

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April 07, 2015, 12:14:28 PM
 #138

Now i see why BW pool & Ant pool has very big bitcoin hashrate (about 30% of whole bitcoin mining hashrate)
I hope there aren't any disaster in future

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April 07, 2015, 05:34:30 PM
 #139

wow so fascinating. do you have any idea where it is located specifically?
I wish I could visit one of those somedays.
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April 07, 2015, 05:40:03 PM
 #140

wow so fascinating. do you have any idea where it is located specifically?
I wish I could visit one of those somedays.


Not one. Many in rural China and Inner Mongolia. These operations are extensive and each location is huge.

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April 07, 2015, 06:12:29 PM
 #141

address pls Wink



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T
.ANGEL TOKEN.
[]

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thebitcoinquiz.com
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April 07, 2015, 06:25:52 PM
 #142

address pls Wink
Guyan Avenue, Inner Mongolia, China.
Ofc they wont give you their exact address for security purpose.

Stay hungry. Stay foolish.
Bitcoininspace
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April 07, 2015, 06:32:00 PM
 #143

Holy shit that's some investment right there.
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April 07, 2015, 06:41:31 PM
 #144

Would they let people to just visit their facilities? Maybe after paying entrance fee?  Smiley
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April 07, 2015, 09:23:23 PM
 #145

In China, the hardware is really cheap. Mining equipment cost less than half of what it is in the United States or the European Union. However, I am curious to know how they are paying for their electricity.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.

Oh... that explains everything.
Yeah at least Bitmain is, I am pretty sure this is the location of Hashnest, where pretty much all of their miners go unless it is sold and shipped out.

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April 07, 2015, 09:51:50 PM
 #146

Noticing a real lack of tanks and anti-aircraft around this facility.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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April 07, 2015, 09:57:21 PM
 #147

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?

I'm sure they have a few security types wandering the property, making sure that doesn't happen.  I wouldn't be surprised to find a large fence around the property, and video surveillance.  I also be the location is so remote that you don't have to worry about random people just walking up and wanting some gear.
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April 07, 2015, 10:13:14 PM
 #148

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?

I'm sure they have a few security types wandering the property, making sure that doesn't happen.  I wouldn't be surprised to find a large fence around the property, and video surveillance.  I also be the location is so remote that you don't have to worry about random people just walking up and wanting some gear.
That and probably armed guards, when this much money is here it becomes more of a compound.

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April 08, 2015, 02:09:35 AM
 #149

how about thieves, it doesn't seems very secure... one could easily break the window and steal some machines, there are guardians there that guard that thing?

I'm sure they have a few security types wandering the property, making sure that doesn't happen.  I wouldn't be surprised to find a large fence around the property, and video surveillance.  I also be the location is so remote that you don't have to worry about random people just walking up and wanting some gear.
That and probably armed guards, when this much money is here it becomes more of a compound.

imagine the kind of security that they will need once the price sky rockets to $10.000 not only they but nearly all serious pools will need another level of security.
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April 08, 2015, 03:57:58 AM
 #150

It's cool...
Does anyone know how much mining hashes are they generating from their place???
Also, any idea about electricity costs and their actual earnings???

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April 08, 2015, 04:14:15 AM
 #151

Poor sods, be they didn't anticipate such a loss in price.

I don't like farms like this. These are the very anti to what it was supposed to be. They suck up the coins, increase difficulty and push out the ordinary miners and centralizing it. I hope they lose electricity or something and sit in the dark.






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April 08, 2015, 04:51:57 AM
 #152

In China, the hardware is really cheap. Mining equipment cost less than half of what it is in the United States or the European Union. However, I am curious to know how they are paying for their electricity.

They are the manufacturers, aren't they?  Isn't this them using their own gear?  In that case, they get it at manufacturer's cost.  Or they burn in test resale units and hash them here for a while, then sell them.

Oh... that explains everything.
Yeah at least Bitmain is, I am pretty sure this is the location of Hashnest, where pretty much all of their miners go unless it is sold and shipped out.

So they are going the Butterfly Labs way.... great. Poor customers will wait for months or even years for their mining rigs, without knowing that their rigs are being used for mining by someone else.

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