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Inside One of the World's Largest Bitcoin Mines

thecoinsman.com

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Re: Inside One of the World's Largest Bitcoin Mines

#4

Post by selectodude »

mlevy wrote: post #2

I'm just curious if anyone has insight into how this is economical. Is it economical with current bitcoin prices, or only if prices go up?

I think it's economical right now, but ceases to be economical the second new hardware comes out and the difficulty goes up. So they have to pay for this pretty quickly.

Re: Inside One of the World's Largest Bitcoin Mines

#5

Post by AJ007 »

mlevy wrote: post #2

I'm just curious if anyone has insight into how this is economical. Is it economical with current bitcoin prices, or only if prices go up?

From the perspective of taking renminbi and converting it in to something that can be sold with dollars -- it doesn't need to be economical.

Re: Inside One of the World's Largest Bitcoin Mines

#6

Post by maxmcd »

CatsoCatsoCatso wrote: post #3

This just strikes me as a colossal waste of energy & time. I understand that there may be good profit in doing it, but that doesn't shirk off any of my feelings.

More inefficient than producing and maintaining paper currency? Than mining actual gold?

They really are just throwing tons of electricity and hardware at "nothing", but if this kind of activity helps replace the current inefficient systems of currency, then I'm all for it.

Re: Inside One of the World's Largest Bitcoin Mines

#8

Post by jedunnigan »

mlevy wrote: post #2

I'm just curious if anyone has insight into how this is economical. Is it economical with current bitcoin prices, or only if prices go up?

In the long run it doesn't make much sense at all. [0]

[0]http://letstalkbitcoin.com/blog/post/how-many-bitcoins-does-...

Re: Inside One of the World's Largest Bitcoin Mines

#9

Post by larrydag »

mlevy wrote: post #2

I'm just curious if anyone has insight into how this is economical. Is it economical with current bitcoin prices, or only if prices go up?

Already been talked about on HN. Estimated around $190K profit per month.

https://news.ycombinator.com/item?id=8163934

Re: Inside One of the World's Largest Bitcoin Mines

#10

Post by burgers »

mlevy wrote: post #2

I'm just curious if anyone has insight into how this is economical. Is it economical with current bitcoin prices, or only if prices go up?

To add to another reply, the big perk of bitcoin mining is that you can launder your money through the purchase of equipment, real estate and power directly into US Dollars.

It's as that comment said, basically just a way to turn Renminbi into Dollars without the Chinese government knowing about it.

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