41–46 of 46 posts
Earlier quoted context omitted.
Again, not a problem.
Possible, perhaps, "not a problem", seems pretty untrue. How exactly would someone go about cashing out $200k worth of bitcoin?
Is there any estimate of how much income this particular mine can produce, compared the the capital outlay and the ongoing costs?
This operation currently mines about $262k per month: 230e9 (each machine does 230 Ghash/s) * 2500 (# of machines) * 3600 (second/hour) * 730 (hour/month) / (2^32 (average number of hashes to solve a block at diff=1) * 19.8e9 (current Bitcoin difficulty)) * 25 (BTC/block) * 590 (USD/BTC) = $262000/month The article says their electricity bill is $60k per month. Subtract the 3 employees salaries, say $5k per month (th…
Earlier quoted context omitted.
This operation currently mines about $262k per month: 230e9 (each machine does 230 Ghash/s) * 2500 (# of machines) * 3600 (second/hour) * 730 (hour/month) / (2^32 (average number of hashes to solve a block at diff=1) * 19.8e9 (current Bitcoin difficulty)) * 25 (BTC/block) * 590 (USD/BTC) = $262000/month The article says their electricity bill is $60k per month. Subtract the 3 employees salaries, say $5k per month (th…
The article says their electricity bill is $60k per month. Subtract the 3 employees salaries, say $5k per month (this is China). So you are looking at a pure profit of $197k per month. Three other significant expenses worth considering: rent/physical plant, hardware, and taxes.
Earlier quoted context omitted.
The article says their electricity bill is $60k per month. Subtract the 3 employees salaries, say $5k per month (this is China). So you are looking at a pure profit of $197k per month. Three other significant expenses worth considering: rent/physical plant, hardware, and taxes.
In most cases in mainland China, no tax is paid and cash is king. Only if you are a large, visible company doing business with other large, visible companies do you need to get formalistic. Even then, double or triple sets of accounts are normal.
Is there any estimate of how much income this particular mine can produce, compared the the capital outlay and the ongoing costs?
This operation currently mines about $262k per month: 230e9 (each machine does 230 Ghash/s) * 2500 (# of machines) * 3600 (second/hour) * 730 (hour/month) / (2^32 (average number of hashes to solve a block at diff=1) * 19.8e9 (current Bitcoin difficulty)) * 25 (BTC/block) * 590 (USD/BTC) = $262000/month The article says their electricity bill is $60k per month. Subtract the 3 employees salaries, say $5k per month (th…
Earlier quoted context omitted.
That's the one thing that keeps eating at me. Would it not be trivial for a large corporation or government entity to throw enough money around to accomplish this? The only response I hear is that the market will magically prevent this.
Subverting the entire Bitcoin network is almost certainly not as much as a 1 ACE problem. (Aircraft Carrier Equivalent)