Topic: CoinTerra & MegaBigPower (Read 1507 times)

Does what they are doing suck for you?  Yup. 

Let's compare you to the home miner now.  I'm pretty sure that with your buying power, you were able to get gear at a significantly different rate than the average Joe could.  That home miner is probably thinking, "Man it sucks!  I buy this Bitcoin miner and the network speed is only 30PH/s, but now these mining companies come in, buy a ton of gear at prices I can't get and all of a sudden the network shoots up to 150PH/s."

If you want to stay relevant as an industrial-sized miner, you need to constantly change your understanding of "industrial-sized", just like the home miner needs to constantly change his definition of "home-sized".  Thus is the nature of things as the network continues to grow, and the technology behind the network continues to advance at such rapid paces. 

Please do not miss understanding - In no way am I saying that BTC will die or that I do not believe in the longevity of BTC because I absolutely do - I believe in cryptocurrency regardless - and I finally have a way to fight a corrupt banking system which has undermined all of humanity while lining a few greedy pockets at the expense of billions of souls on earth.

It is just frustrating to wake up one day while we are cruising along at a network speed of 30 Petahash thinking yeah I want to take about 5-10% of this market to feeling mandingo on your shoulder and watching the thing jump to 160 Peta in 2 1/2 months... All the while reading news about 20 MegaWatt farms being setup by the same people I am buying shit from..

So what are my options now? Even if we push petahashes we have to reinvest 30-40% just to try to stay relevant.. a whole sale supplier should never be moving in the market with his own product and competing directly against the consumer who supported them to get to the stage they are at.

People don't understand how genuinely hard it is to be an industrial sized miner - paying rent / staff / electricity to wazoo / start up infrastructure / to then sit back and see you are competing with the same assholes who sold you the rigs? psssh...

Good thing we didn't invest a gajillion dollars (sarcasm)

Now I sit back and wait for Moore's Law so I can drop it balls deep and at least enjoy a 12 day giggle before they revamp all their hardware and shit on my face some more.  moreshitplzthnx BTCBTC

I do the best I can with what I have! But please, understand that I live where no man should live! It's so fucking hot, venting hot air outside only works so well. I even run one of my FrankenJup modules in my garage because I have an empty circuit there. And it probably gets to 130f during the day in that space.

And as for colocating, it just doesn't make financial sense to me. Yes, I'm a bit jealous of the people who are receiving S3s and SP30s. But as far as I'm concerned, it's such a short time until the end-game, why bother trying to stay in the game now? I've resigned myself to riding it out until it's time to shut it all down.

Search for a way to just extract the hot air outside of your mining room and it should reduce your electric bill by using the A/C for less hours.

Why not get your new units colocated if you have a maxed-out breaker-panel?

I completely understand your frustration although I don't consider myself as a "medium sized player" at under 10THs. I've invested a lot of time and money into mining and have had incredibly good luck over the past year. I've timed most of my purchases well (luck) and have had a positive overall ROI for many months. I've even been able to live off of my btc income for the past 4 months during a business (re)startup. Life on BTC for real!

I'm very sad to be pushed out of the game by the "big guys". I maxed-out the breaker-panel with my FrankenJups and have been suffering during a very hot summer (typical, actually) in Vegas. My A/C runs 24 hours a day and my electric bill is damn close to $2000 per month. I couldn't add another BTC miner to my farm if I wanted to despite retiring many thousands of dollars worth of now-obsolete equipment. AND I watch helplessly as my income diminishes with ever difficulty adjustment.

Would I have done things differently with what I know now? NO! Well except for the Monarch fiascos, lol. Would I try to enter the game now even with my past knowledge? HELL NO!! The game is over. And BTC may die because of the centralization of mining operations. Seriously, who really buys bitcoin as an investment? Certainly not enough people to keep the momentum going after home mining is long gone. Once I'm done mining in a month or two, I'll keep whatever I have in my wallet for shits-and-giggles but BTC will soon become just a fond memory for me.

Oh I agree with you 100%.  But that's the nature of free market and Bitcoin is not regulated - everybody is free to do as they wish.  If the senior members issue warnings and the new users want to keep dumping their fiat... let them.

There's nothing an enthusiast can do.  Either 10 enthusiasts need to pool together and get an ASIC developed themselves or they just need to quit mining.  After my abuse by BFL I decided to avoid Bitcoin mining - I kept 1/3 of my GPU farm for the altcoins to keep myself interested.  I guess I missed out on a few money makers like the S1s, but overall I am glad I have not been scammed and haven't supported these crooks.

You are confusing the mining industry with the average user profits.

DrG the only frustrating part is for medium sized players like us who invested heavily in this space to see we are competing with the same people who are supplying us with the hard ware..

How the hell does one compete with the manufacturer of the very same product they sell you?

Defeats the purpose.. I mean I get it from a business stand point it makes sense - I asked myself the same question - Even stated it to investors - What is the sense in them selling me hardware which they can use themselves - the hardware literally 'makes' money. Obviously if they sell it to themselves at wholesale and line off warehouses with Peta hashes it makes sense logistically.

But using smaller players money to fund the seed project to then compete against the very same people leaves the distinct taste of ass in my mouth.
 
If I feel frustrated at an enterprise level god knows how the kid who saved up all his pennies for years to buy a single BitFury or a Terraminer feels earning peanuts per day (While he lies to his mum that the influx in electricity is not him)

Is there a single company that has not done this? I believe dogie gave them all F for ethics in his ratings because they all are running private pools.  The sad part is some companies blatantly said they would not do such a thing as miner on their customers hardware, made promises even, and did just that.  It's one thing to steal, it's another to steal and lie about it.

By literally putting all the equipment they are about to sell to the consumers on their shelves while they develop new hard ware and sell their old shit to people like us? By creating HUGE petahash mining centers to compete directly with the consumers who helped fund their R&D for the initial hardware they sold? meh.. how are they not?

How are they slaughtering the mining industry?

What does everyone think about the way these guys are starting to slaughter the mining industry?