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Life Inside a Secret Chinese Bitcoin Mine

Moderator: Mick

Life Inside a Secret Chinese Bitcoin Mine

Postby HenHaoChi » 15 Apr 2016, 18:26

Fascinating on many levels. Those machines make an interesting sound. BTC mining is not worth it for individual miners. I saw a larger US farm making 8million USD per month,,,

The biggest costs are electricity wiping out profits, so you have to be near a place that has hydroelectricity.

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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby tommy525 » 16 Apr 2016, 23:16

Doesn't seem to need any secrecy. Seems to be very profitable too.
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby HenHaoChi » 18 Apr 2016, 08:34

I also wondered why they said it was secret if the owners were on camera, and open about their location. This guy in the US makes 8million US per month. Having said that, mining is not easy small scale, unless you live next to a hydroelectric dam.

https://www.youtube.com/watch?v=okI9rQNNtTQ
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby Okami » 18 Apr 2016, 15:28

Profitable? Depends on how well they can keep the machines up, cost of power and the current price of BTC. I have a hunch these guys may also launder BTC/RMB/USD as well.
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby HenHaoChi » 18 Apr 2016, 16:02

It would be an excellent way to launder money, you could be right...

Last I read, most miners were just about breaking even, unless they did it on a large scale. Many dabblers were losing money on faulty equipment. If the price of BTC doubles (It was at 11ooUSD+ in 2014) mining might become profitable again. Then again, block rewards will half this summer. I just find the whole thing insanely surreal, and watching that first vid ^^^ is good for my Chinese.

https://www.youtube.com/watch?v=ahl4YpaZWHk
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby dabomb_gent » 18 Apr 2016, 21:11

cost of power: 80.000$/month;
20 bitcoins per day = 20 * 429 $ *30days (todays value) = 257.400$

profit per site: 177.400$

6 sites: 1.064.400 profit per month

They make like a million dollars profit per month if the numbers they say are correct... Not bad.
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby HenHaoChi » 19 Apr 2016, 18:04

Maybe they are making that much. If the price of BTC goes past 2000USD, even those little ASIC miners may become profitable again. If I had 5-10,000 USD spare I would maybe buy an Antminer as an experiment, but you would need some hardware and software expertise to get set up. Miners are always dealing with overheated equipment and burnouts. That stack of dead miners in the corner in the first vid? There's maybe 50-100,000 USD worth of equipment there.

It's not something I'd seriously think about right now...

Then there's the fact that the core BTC team seem to have been corrupted by outside interests.
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Re: Life Inside a Secret Chinese Bitcoin Mine

Postby headhonchoII » 19 Apr 2016, 18:09

How to make money from Bitcoin, check its transaction usage and see if it's being used for settlement in new areas. If Bitcoin becomes used more its value will increase as speculative money rolls back into it...
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