Topic: Rumor that Bitmain is going belly up! can't pay its chip builder! - page 7. (Read 19832 times)

With Wu declaring war to the death on BCH SV, that IPO is in serious jeopardy. That and a very impotent release of some very over priced new technology. I strongly suggest BM postpone this IPO. It will be a colossal failure at this juncture. There is a reason Mr. Wu has gone completely silent on this now. Aside from using BTC hashing to finance his loser BCH ABC debacle. Can you say "Hypocrite".

At .067 I just shut off 36 s9s for the time being to weather the storm and not eat away at my profit from the last 9 months. My z9 and video cards are still on.

Thank you for your insightful analysis Phil. Always good stuff. I suspect there is a very strong fundamental aspect to this dump that most people are overlooking. BTC owes much of it's fanfare to the deflationary aspect of limited supply that is coded into the software. These HF's have essentially created double and triple that supply on an extremely similar protocol. People are waking up to this and realizing that these Coins won't be rare at all and a few rich arrogant morons can just have a hissy fit and HF into another Traunche of very similar product. Add to this the speculative institutional folks that love to short anything with this much uncertainty around it and you have a perfect storm. Most holders of BTC are very ignorant in the ways of professional speculators and short sellers. Once they see blood in the water they will lay into the asset with abandon. It's like taking candy from a baby. HODL.....LMAO. Now the final kicker is these rich arrogant overgrown petulant children start a pissing contest over their "shit coins" and vow a fight to the death in public. They further claim they will fund this war with BTC and move Hash Power at a loss. With derivatives and OTC swaps now so easily accessible, trust me when I tell you, these short sellers are going to rip the "HODL" ers eyes out. This route has only just begun. Until the community aligns and gets rid of destructive jerks like Wright and Wu And Ver, and eliminates these dilution coins.....BTC is in a lot of trouble. There is NO reason for any sensible investor to take this kind of risk. 4 people can create a 50% loss of your assets over a cat fight?? Not a chance. These assholes just set BTC back 1-3 years.

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With Wu declaring war to the death on BCH SV, that IPO is in serious jeopardy. That and a very impotent release of some very over priced new technology. I strongly suggest BM postpone this IPO. It will be a colossal failure at this juncture. There is a reason Mr. Wu has gone completely silent on this now. Aside from using BTC hashing to finance his loser BCH ABC debacle. Can you say "Hypocrite".

I'd not bet on that - they're probably in the 3 cent OR LESS range on their power cost.

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An IPO that has already had WIDELY talked about as having a lot of unrealistic expectations and some outright LIES in it.
I'd not bet on that IPO doing well if it actually makes it to market.

That's going to be the biggest joke IPO in history. And yeah, I doubt they are chucking gear like that.

The floor is not wet in this video. It just seems like they're pulling the miners out of the hack.

There is no doubt that Bitcoin mines are struggling and shutting down, possibly even going bankrupt. However, this idea that they’re throwing away machines in this fashion that are still selling for hundreds of dollars each is nothing more than a fantasy.

Also, Bitmain is not going belly up. They’re about to list a multi-billion dollar IPO. Let’s keep a little bit of sanity.

This of course assumes your floor rental cost is zero, payments on the equipment are zero, maintenance is zero, and of course the one slave who runs the mine is paid 0.

At this point I think these dingbats are mining at a loss. Otherwise they would have crashed the market earlier just to wipe out other miners and lower the difficulty. That's why (IMO) it was rolling around 6500 or so.

Eh, we'll see what happens with this dick-fest.

BCH needs to go to 750 or more.  Maybe 1000

we are looking at a major play  that could backfire.

you need to go all the way back to the Hunt brothers and their play to own the silver market back around 1977-1978  to see anything like this move.

Maybe not

Same Twitter saying they will pull off S9 miners from hosting because they cannot cover costs.
https://twitter.com/DoveyWan/status/1065016992657301504

https://www.ccn.com/rumors-flood-in-sichuan-china-destroyed-bitcoin-mining-centers/
https://www.coindigital.com/heavy-flooding-damages-major-crypto-mining-operation-in-china/

Way I see it is that only way Bitmain will recover is BCH rebound of 200-400% to clear their assets problems.

I'm afraid it's not from the floods.

https://www.trustnodes.com/2018/07/02/flood-destroys-hundreds-gpus-asics-china

That is the floods.

also note no water damage to the miners on the ground.. or wet patches that would suggest flooding.

That makes more sense If you have 100 watt a th gear

the red numbers at current diff are

12 cent power and 7697 price mines at a loss
11 cent power and 7055 price mines at a loss
10 cent power and 6414 price mines at a loss I suspect these miners have shut down a lot of  thier gear

9 cent power and 5772.10 price mines at a  loss
8 cent power and 5131.10 price mines at a  loss
7 cent power and 4489.10 price mines at a  loss   this is the group that will be shutting down if this lingers at these prices

6 cent power and 3848.10 price mines at a  loss
5 cent power and 3207.10 price mines at a  loss = these miners may do okay  since diff will drop a bit.

4 cent power and 2565.10 price mines at a  loss
3 cent power and 1923.10 price mines at a  loss =  these are doing just fine for today and I am think they  don't feel pain unless we drop  to 1750

This is fake news. That footage is from the flood that destroyed a Bitcoin mine.

^Damn, HagssFIN beat me to it.

@MagicByt
Are you sure that the video footage is not filmed during the flood in Sichuan area, China?

Would love to pick your brains over the solar array @philipma1957

I would agree it's happy times to see it in relation to diff but sad to see that pile being dumped like that.
Those miners could have a nice home somewhere else.

pretty nice info.  makes me smile.

this all very good for the solar array  which has been paid off  and power is about 1 cent (for maintenance)

Even the Avalon miners are being turned off..

Miners beware.  This footage is emotional....

https://twitter.com/DoveyWan/status/1064878600594305025

And it got worse in the last 24 hours.

Gotta wonder if Bitmain finally sold out on their remaining stock of S9 units and decided to pull the trigger on another round of "coin dump" to make more of a market for the S15/T15 as one of the very few profitable miners.

On the other hand, a lot of miners are at 5 cent OR LESS power cost, pretty sure even at current market conditions the S9 is still profitable for the low-cost miners.

I still think "Bitmain cash crunch" is the primary reason for the massive sell pressure on Bitcoin right now - had ANOTHER volume spike that seems to have caused the second "price dump".

I wonder on who they sell.

You can not order an Antminer S9 and some other miners in Europe.

I do not know how all this is related but I still have coupons until the end of November.

I would like to redeem them. Unfortunately, I can no longer order the S9 from Europe. fraud?

That's the intention again. From December when all coupons have expired, you can certainly order again at higher prices.

Because it's the biggest and the market demands it, not because they want it to be. They supported all the crappy initiatives to usurp the current version of Bitcoin and Bcash/BCH/BCHABC/BCHSV is ably proving what a shitty idea they all were.

Read that - https://twitter.com/pierre_rochard/status/1064181612815007745

Coinbase have never put out anything as pumpy related to BTC.