Chinese Bitcoin Mine That's Making $1.5M a Month

wadili89

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Quote from: readysalted89 on February 06, 2015, 01:44:50 PM

Quote from: BitUsher on February 06, 2015, 01:42:10 PM

Chinese Bitcoin Mine That's Making $1.5M a Month

6 of these locations in china secure and process 3% of the Bitcoin transactions.

http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine

How much of that would be profit at today's prices? I don't know what Chinese electricity prices are.

electricity is hell cheap in china , china offering cheap electricity to other countries as well and in their own country they they have more cheaper electricity cost then they are offering

ranochigo

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Quote from: manselr on February 11, 2015, 10:59:32 AM

Quote from: ChuckBuck on February 11, 2015, 10:32:07 AM

Quote from: thejaytiesto on February 11, 2015, 10:26:24 AM

Im seeing all these news about China considering banning bitcoin. What the hell are these guys going to do then?

Continue mining. Nothing is going to happen from the PBOC.

China's been banning Bitcoin for 4 or 5 years already, if they'd want something completely banned, they'd do it by now, being a Communist country and all.

Well but they are hurting BTC trust specially among chinese citizens if they keep putting out all these ban rumors.

China has not banned bitcoin at any point of time. It is just restricted and regulated. Individuals can still buy and sell bitcoins or trade with other individuals. There are still some bitcoin companies based in China. AFAIK, the banks will not allow transactions relating to Bitcoin. Bitcoin cannot be banned completely, people will always be able to bypass and use it .

fonzie

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Quote from: neurotypical on February 07, 2015, 05:08:55 PM

This is so cinematic. I would love to see a full movie that happens in a bitcoin mine like that.

I am also into dystopian films.

manselr

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Quote from: ChuckBuck on February 11, 2015, 10:32:07 AM

Quote from: thejaytiesto on February 11, 2015, 10:26:24 AM

Im seeing all these news about China considering banning bitcoin. What the hell are these guys going to do then?

Continue mining. Nothing is going to happen from the PBOC.

China's been banning Bitcoin for 4 or 5 years already, if they'd want something completely banned, they'd do it by now, being a Communist country and all.

Well but they are hurting BTC trust specially among chinese citizens if they keep putting out all these ban rumors.

MilesJohan

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Thats a pretty big amount. Do they still make such a big amount today ?

ChuckBuck

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better everyday ♥

Quote from: thejaytiesto on February 11, 2015, 10:26:24 AM

Im seeing all these news about China considering banning bitcoin. What the hell are these guys going to do then?

Continue mining. Nothing is going to happen from the PBOC.

China's been banning Bitcoin for 4 or 5 years already, if they'd want something completely banned, they'd do it by now, being a Communist country and all.

thejaytiesto

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Im seeing all these news about China considering banning bitcoin. What the hell are these guys going to do then?

zcxvbs

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I'm curious that how much does miners cost for mining a coin, $150? $200? still profitable?

bitcoin_bagholder

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Quote from: o0‡0o on February 06, 2015, 01:58:41 PM

They have there own generator and as such depend on the oilprice, the real cheap black shit like they use on the big ships

Or maybe black market oil. Hope they're not buying oil that comes from ISIL controlled areas.

pooya87

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Quote from: BitUsher on February 06, 2015, 01:42:10 PM

Chinese Bitcoin Mine That's Making $1.5M a Month

6 of these locations in china secure and process 3% of the Bitcoin transactions.

http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine

their electricity cost must be through the roof though. but it seems they get more than they spend

doggieTattoo

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Quote from: Q7 on February 08, 2015, 01:55:28 AM

Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

And yes, a lot of people underestimated the actual mining cost. I mean these guys are just here for the profit. they wouldn't even bother what happens to bitcoin. And definitely if mining for loss, they won't be for sure will continue their operation. and that's a fact.

The guy in the interview said that he has ~50% of his assets in bitcoin so I would say that he somewhat cares about what happens to bitcoin.

unamis76

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Quote from: Q7 on February 08, 2015, 01:55:28 AM

Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

And yes, a lot of people underestimated the actual mining cost. I mean these guys are just here for the profit. they wouldn't even bother what happens to bitcoin. And definitely if mining for loss, they won't be for sure will continue their operation. and that's a fact.

They are around for profit, yes, but if what the manager said is true, he cares a lot about Bitcoin, as he has 50% of what he owns in Bitcoin...

o0‡0o

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Have faith.

mining is a business just like mining gold/silver
you invest in the equipment and have all running costs, if old outdated machinery or bad managent you go out of business

Q7

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Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

And yes, a lot of people underestimated the actual mining cost. I mean these guys are just here for the profit. they wouldn't even bother what happens to bitcoin. And definitely if mining for loss, they won't be for sure will continue their operation. and that's a fact.

ranochigo

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Quote from: 1Referee on February 07, 2015, 03:01:24 PM

Quote from: newIndia on February 06, 2015, 01:56:58 PM

Quote from: BitUsher on February 06, 2015, 01:42:10 PM

Chinese Bitcoin Mine That's Making $1.5M a Month

6 of these locations in china secure and process 3% of the Bitcoin transactions.

http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine

Is it Discus Fish anyway ?

I don't think so as they state in the video that their computing power is good for 3 percent of the network.

DiscusFish aka F2Pool has a far higher percentage of the network.

It is possible that they are part of discus fish and they mine for them. Since it is a pool, they can very well be a part of them and mining with other miners.

unamis76

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Quote from: mayax on February 07, 2015, 05:32:32 PM

Quote from: unamis76 on February 07, 2015, 04:41:08 PM

Quote from: mayax on February 07, 2015, 03:21:18 PM

Quote from: unamis76 on February 07, 2015, 03:11:40 PM

Quote from: mayax on February 07, 2015, 03:04:30 PM

Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

that movie is from August 2014 when the price was around of 450

Yes, but would it be published if they were closed? I find that odd...

they didn't close yet. I am not sure how they are paying all the bills with the actual BTC price

Exactly. They didn't close it. Yet

So they're still in profit.

you can maintain a company from "your" pockets for a while too. it doesn't need to have a profit. there are many companies who are on loss for years...

You simply have to know when to stop. This is not a company, and they haven't got that many employees, so it's easier for them to just shutdown, unlike a normal company. They just turn everything off and sell the hardware (there's a market for such machines, as you can see in this forum)

If you're running something from your own pockets indefinitely, then it's simply not worth it, whether it's a company or a mining facility.

These guys aren't like us, they're here for pure profit. They accept no failures, and they only take pure profits. They can't afford to be like a home miner that simply says "oh well, BTC/USD is down, I'll just wait to see how this goes, and I'll mine with a loss until then". Mining at a loss for these guys doesn't mean a few dozen of dollars/month lost. It can mean hundreds of thousands of dollars lost. It's just too much at steak for something like this to mine on a loss

Kogyo

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Nice video. Thanks!

mayax

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Quote from: unamis76 on February 07, 2015, 04:41:08 PM

Quote from: mayax on February 07, 2015, 03:21:18 PM

Quote from: unamis76 on February 07, 2015, 03:11:40 PM

Quote from: mayax on February 07, 2015, 03:04:30 PM

Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

that movie is from August 2014 when the price was around of 450

Yes, but would it be published if they were closed? I find that odd...

they didn't close yet. I am not sure how they are paying all the bills with the actual BTC price

Exactly. They didn't close it. Yet

So they're still in profit.

you can maintain a company from "your" pockets for a while too. it doesn't need to have a profit. there are many companies who are on loss for years...

neurotypical

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This is so cinematic. I would love to see a full movie that happens in a bitcoin mine like that.

unamis76

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Quote from: mayax on February 07, 2015, 03:21:18 PM

Quote from: unamis76 on February 07, 2015, 03:11:40 PM

Quote from: mayax on February 07, 2015, 03:04:30 PM

Quote from: unamis76 on February 07, 2015, 02:49:45 PM

For folks saying their profit is lowering/no profit... For me, they seem to be doing good, they would have already shutdown if they weren't having HUGE profits Wink

As for maintenance... Well, 24/7 maintenance, what's better than that?! Grin

that movie is from August 2014 when the price was around of 450

Yes, but would it be published if they were closed? I find that odd...

they didn't close yet. I am not sure how they are paying all the bills with the actual BTC price

Exactly. They didn't close it. Yet

So they're still in profit.

Topic: Chinese Bitcoin Mine That's Making $1.5M a Month (Read 2995 times)