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Author Topic: MegaBigPower Opens Buyback for Unprofitable Bitcoin Miners  (Read 4898 times)
CanaryInTheMine
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March 04, 2015, 11:07:23 PM
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http://www.coindesk.com/megabigpower-buyback-program-bitcoin-miners/

I haven't tried their service yet so I don't know what they are offering for SP and Bitmain hardware... but this may be better than selling on amazon or ebay
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March 04, 2015, 11:40:17 PM
 #2

http://www.coindesk.com/megabigpower-buyback-program-bitcoin-miners/

I haven't tried their service yet so I don't know what they are offering for SP and Bitmain hardware... but this may be better than selling on amazon or ebay

We will see. Just sent them a request for my S3's.
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March 05, 2015, 12:05:46 AM
 #3

http://www.coindesk.com/megabigpower-buyback-program-bitcoin-miners/

I haven't tried their service yet so I don't know what they are offering for SP and Bitmain hardware... but this may be better than selling on amazon or ebay

Interesting move... dry up the resale market and lower the hash rate?

Make cloud mining the only option?

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March 05, 2015, 12:06:44 AM
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Can anyone explain how this could be profitable to them?

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March 05, 2015, 12:11:22 AM
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Maybe they're mining out of their parent's house with "free" electricity

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March 05, 2015, 12:13:53 AM
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Can anyone explain how this could be profitable to them?

Maybe they will tinker with the buybacked miners plus they already mentioned that they have an extremely low power cost, this may sound profitable in the long run.

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March 05, 2015, 12:15:20 AM
 #7

Me thinks Bick is on to something...again  Cheesy

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March 05, 2015, 12:19:44 AM
 #8

Can anyone explain how this could be profitable to them?
they are located in central Washington where they pay 0.23 cents per KWH, they can run a lot of inefficient miners and still profit due to cheaper power then the rest of yall got.

pretty simple.
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March 05, 2015, 12:27:47 AM
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Can anyone explain how this could be profitable to them?
they are located in central Washington where they pay 0.23 cents per KWH, they can run a lot of inefficient miners and still profit due to cheaper power then the rest of yall got.

pretty simple.

That, and they may have wind of privy info of a major rate exchange increase coming down the pike, thus jockeying for position to amass some miners for a farm, taking advantage of those possessing miners that don't see the light at the end of the tunnel.
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March 05, 2015, 12:44:14 AM
 #10

Will be interesting to see what prices are.
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March 05, 2015, 12:53:53 AM
 #11

Will be interesting to see what prices are.

I'm expecting garbage to be honest. There is a lot more labour babysitting a mishmash of elderly gear which is going to have to be paid somehow.

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March 05, 2015, 01:05:57 AM
 #12

I wonder if I can interest them in a Black Arrow X-3 pre-order it's guaranteed to be unprofitable. The best part is it ships next week so they can expect new and unused hardware.
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March 05, 2015, 04:57:42 AM
 #13

I wonder if I can interest them in a Black Arrow X-3 pre-order it's guaranteed to be unprofitable. The best part is it ships next week so they can expect new and unused hardware.

Yeah,& those preorded BFL 700gh'ers are unprofitable too  Cheesy  

Best of luck to you notbatman  Cool

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March 05, 2015, 04:59:39 AM
 #14

Can anyone explain how this could be profitable to them?

Your guess is as good as mine
Unless they really can dry up the market or find people who don't know much an sell them units

“Due to our extremely low power cost, we can still return funds to miners who may have gotten in just before the market fell.
But guess they are going with power costs
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March 05, 2015, 05:46:43 AM
 #15

Can anyone explain how this could be profitable to them?
they are located in central Washington where they pay 0.23 cents per KWH, they can run a lot of inefficient miners and still profit due to cheaper power then the rest of yall got.

pretty simple.

.23 cents per kwh?  really?? as in less than a quarter of a penny per kwh?  can that even be true?
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March 05, 2015, 06:05:41 AM
 #16


.23 cents per kwh?  really?? as in less than a quarter of a penny per kwh?  can that even be true?

it's not. It's $0.023 per kWh. Closer to 3 cents with taxes & other charges.
And that's the rate for private consumers, right? So chances are they get
a significant discount as an energy-intensive enterprise.
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March 05, 2015, 06:10:58 AM
 #17

Maybe 2-3 cents, but nothing lower in the USA. I would guess they have a deal where delivery is heavily discounted and they are paying for raw power + some small % (consumption based). I think some of the cheapest power in the world is still 2 cents delivered.
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March 05, 2015, 06:55:29 AM
 #18

I bet the buy for $ per pound and get the scrap. They won't be plugging in anything. Seriously when / if BTC goes 1000$ again where are you going to get miners?

Making sure there is nothing left on the market is a good way to make sure there is less competition. Given that there will be few miners out there then they could also sell off their own older generation miners to consumers as they phase in new generation Bitfury.

So you will be left with few if any cheap options. You have to get either cloud-mining  or used equipment from their farms potentially. 

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March 05, 2015, 07:21:28 AM
Last edit: March 05, 2015, 09:28:19 AM by Unacceptable
 #19

I bet the buy for $ per pound and get the scrap. They won't be plugging in anything. Seriously when / if BTC goes 1000$ again where are you going to get miners?

Making sure there is nothing left on the market is a good way to make sure there is less competition. Given that there will be few miners out there then they could also sell off their own older generation miners to consumers as they phase in new generation Bitfury.

So you will be left with few if any cheap options. You have to get either cloud-mining  or used equipment from their farms potentially.  

Like I said,I think you hit the nail on the head,Bick!!  Wink

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
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March 05, 2015, 08:05:40 AM
 #20

http://www.coindesk.com/megabigpower-buyback-program-bitcoin-miners/

I haven't tried their service yet so I don't know what they are offering for SP and Bitmain hardware... but this may be better than selling on amazon or ebay

Interesting move... dry up the resale market and lower the hash rate?

Make cloud mining the only option?

Compete with the Chinese?
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