Topic: Rumor that Bitmain is going belly up! can't pay its chip builder! - page 5. (Read 19832 times)

Interesting to me to hear from a large guy like fanatic26.

I am not going to get to go to his level of 20mw at 2cents .(his claim) not mine.

I consulted on a 100mw build that was to act as a load leveler for 5 power plants.

Got a price just under 4cents.

There is a true need for big farms that help to stabilize power plants usage.

That is big scale and needs to exist.  But while there is really and truly a demand for mining in the manner I just mentioned we need to make demand for coin. If you think of every pow coin as a way to burn excess power for power plants then any one will do.

Con-ed
Pse&g
Or any major power company does not care what coin the farm they cut a deal with mines.

So while they have a need to cut a deal with a farm they have zero incentive what coinis mined.

That’s why bitmain and other asic builders went out and wiped out lots of algos with many different miners.

This to me is classic clear cut forestry vs forest management.

Based on humanity’s past record the forest will be cleared not managed.

The question is wtf is bitmain up to?
Or how much power does bitmain really have here?

One more thing will mr trump and the USA government go after any and all bitmain executives.

They just used Canada to grab the cfo of huawei.  Hold her and want to try her in the USA and sentence her to 30 freaking years.  The charge is fraud and helping Iran beat the boycott embargoes.

So. Seems to me. USA may look to lock up bitmain execs for helping Iran do the same.


Note it is all speculation but a lot is happening behind the curtain.

You know you're a miner when it's -5c outside and your AC is running.....

Sure people called lots of things stupid when they couldn't understand the true nature and vision of what they playing with...definitely not calling them stupid now

You can say holding on to the fundamentals of the technology naive all you want, but thats my creed and thats what I go by and why its worth the effort I put into this. Just like people put value on Bitcoin itself, there is more "value" to mining than the pure bitcoin you get out of it.

But alas you are right most people ARE stupid but not in the way you think. Its kind of the same reason why democracy is failing today because people dont find the incentive or profit to go "vote".

well isn't this the reason why people stop mining? when you have to pay more bills than what you earn in FIAT then it would make more sense to buy bitcoin directly,mining at break even is also a loss , since you are consuming a product that has a very  limited -life span ( both technically and economically) while you can just sell it and buy bitcoin instead.

anyone mining at a loss or break even could be categorized as one of these ( at least in my opinion)

1-They believe in BTC more than they believe in their wives, the are simply mining to satisfy a mysterious genius "Japanese" person's Vision(very RARE)
2- They want to get bitcoin without having to go through banks and KYC B.s  , aka a secret fund ( very a few)
3- They think the price of bitcoin will recover before they have to pay their bills or at least not before the point where they can't afford it ( not many )
4- some people are just stupid ! ( many )

I'll disagree that mining without considering profit is the end-all be-all, but also with the point that industrial miner cartels are hosing things for the rest of us. The current environment is proof of how much power a few specific individuals have and that is far from healthy.

It's going to be really interesting in a few more halvings when the block reward starts getting dwarfed by transaction fees. If the currency isn't widely used as a currency by that point it won't be sustainable and the current profitability model for industrial miners dependent on block rewards will go out the window.

I would also like to see a 100W miner in every home, and not just because jstefanop and I are the only ones still building them. If this thing is gonna work, it needs to have a wide-spread acceptance and understanding and a base less susceptible to corruption and manipulation.

You sound pretty delusional if you ever think this is going to happen. Where there is profit to be made, people will turn up to make that profit. It is incredibly naive to think you can put the genie back into the bottle at this point.

Your only "losing" money if your comparing it to fiat and mining on a large scale. The only case ill agree with you is when you can buy any crypto for less than its electricity cost

For me bear markets are the most fun, because as far as I'm concerned this is the MOST profitable time for me (i.e. I get to pick up more coins for the same equipment than a few months ago).

I could care less what greedy traders, manipulators, and fraudsters in the industry think the price is worth, all I care is that I have more bitcoins than yesterday.

Ill cherish the day when there are 10's of millions mining bitcoin on their 100 watt machines, and could care less what what it costs to mine since a single light bulb wont make a dent in their power bill, and this causes all centralized mining farms to go belly up.

THATS the true vision of Bitcoin, and anyone that disagrees does not get it.

For most of us, mining has ALWAYS been about profits.
The majority of miners (and probably the LARGE majority of us) can't AFFORD to mine if we're LOSING MONEY at it.

Yeah, but there have been a dozen or more "shitshows" since 2009, each one with a slightly different flavor. Nothing as fundamentally changed accept from growth, expansion and acceptance, albeit slowly.

Charity and a decentralized distribution system are not the same.

Part of Bitcoins current issue, and general adoption issue is that fact that the barrier of entry for new adopters is just too high, and nearly all new coins issued are going to a centralized cartel and dumped straight onto exchanges by a select few industrial miners.

You tell me what the Bitcoin ecosystem would look like if there were 10 or even 100 million home miners mining at 1TH/s each, instead of 10,000 farm miners each circle jerking each other and dumping their coins.

You'd have a true user base engaged at the base level, with a wide distribution of coins and a real market for real businesses to adopt the currency, and the price would reflect that.

I sold 5% of my holding north of $17k. I now live in a $5 million home, drive a DB11 convertible and have everything I will basically ever need. Before that I created multi million dollar businesses, as did my fiancee, so we were doing ok before crypto. You can take your 35 years of middle man experience and shove it where the sun don't shine, because middle men are leeches not creators.

I have forgotten more than you know about real entrepreneurship and wealth creation. I would never need someone like you advising me.

Thanks for playing though, old man.

PS The post count thing was a joke. I judged your lack of historical technical and fundmental knowledge simply from your hilarious exclamations that somehow BCH set BTC back 3 years. LOL.  Thats the kind of excuse mongering for price analysis that screams inexperienced noob.

I'm pretty sure Bitcoin was not designed to be a charity case. If it were I presume the idea would've been binned instantly as hopelessly naive. It was always going to be ravaged if it requires good will. There isn't very much of that in the world, even more so when it comes to money.

It's about boxing and pointing self interest towards the benefit of something bigger. That requires profit and plenty of it.

A trillion bitcoins can be knocked out every day. That doesn't mean anyone's going to be interested. There's a reason there's pretty much zero interest from big money in forks. You can't replicate the trust BTC has and that's the only thing that really gives it any value. Awarding value is a collective decision. It can't be forced, it can't be bought. It has to be earnt. Nothing's anywhere near pulling off the same thing.

I get kinda sad when I see some old timers on here talking about mining in terms of profitability. Mining was never about profits...people that talk about that I put in the same group as traders, hypers, and get rich quick guys that ruined bitcoin back in 2013, and again in 2017. Mining is here to secure the network and DISTRIBUTE coins period. If your mining and selling your coins your doing it wrong.

I hope bitmain and all large scale miners eat their shit this year. Crypto was supposed to be more than about pure greed, and the influx of greed I have seen in the past year in this space has made me sick.

Maybe if this happens guys like myself and sidehack will have a chance again to keep distributing miners and spreading out the hash to thousands if not hundreds of thousands more and maybe see the space go back to a slight vision of what it should look like.

" we don’t give a fuck about institutional shorters. They can eat shit and die." Nah, you're not angry and emotional at all. I survived very well as an independent consultant, designing, executing and managing hedging strategies for Major investment banks in derivative products for 35 years. I've forgotten more than you know about markets. It's really ignorant to assume someone's level of experience based on a screen status or post count. You seem to do a lot of ignorant things. You're one of the myopic amateurs I sold my BTC holdings to north of $8-18k. HODL on Padiwan.

What a guy! To early for a beer on the west coast but a little dab for ya this morning philipma.

Looks like Bitmain is adjusting to market at least for the new gear. Still holding back DR5 for just Chinese market can't be helping their numbers since most miners are hungry for profits. Though Q3 shows a dramatic loss, obviously with Q4 releases they're recouping some of those losses. Still their budget is shot for the year. With news of the closure is Iran or was Israel? I imagine they've been trimming fat since Q2.

That's awesome to have that sort of backing to regardless be about 4500x up on when you started. It still remains though that for the system to survive and continue to experience growth we need to pay attention to the good and the bad.

Head in the sand tactic only works for Ostriches. Most systems dont fail because of the people using it/believing in it. It's the exploiters of a system that shake confidence and kill projects.

This current situation of a few big wallets/names playing napalm with out a care for 6he collateral damage are a decent example why at some point the holders need to look at what is good for the system.

After this shitstorm debacle it's no longer just hacks and scams that give blackeyes and negative press. I believe people will begin to wonder why should I trust a system when 1 person can choose to tank the market with a simple sell order.

That includes these btc traps of businesses like hardware manufacturers. Theh can't afford to hold long term, maybe maintain 2-5 % coin holdings and convert the rest put it back into circulation. Then Bill's can be paid without a massive sell off out of nowhere, and you still have that future dream payoff should there be more increases in value. This part doesn't include smaller scale businesses but the ones that take in 1000's or 1000's of BTC a year.

I sent him 6 points for that 3 for you and 3 for  me.

There’s only one of us that’s sounds angry and emotional. And it’s not me:)

Let’s see if you’re still around in 3 years. I’ve seen so many of you’re ilk come and go over the years. Few rarely make it.

Oh if I had merit to give to that. I'll just open another beer, cheers sidehack.