Bitcoin mine in Northeast China - Turnover of $1.5million worth of Bitcoins per month

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Picture of Judge-Jake53 achievements

+4 1. Judge-Jake commented 9 years ago

Okay I don't get it :|
Picture of distracteddad19 achievements

+4 2. distracteddad commented 9 years ago

I thought Bitcoins were a failing trend & didn't the bitcoin market have a crash ?
Picture of Granko25 achievements

+7 3. Granko commented 9 years ago

Given today price of BTC ($226) they need to mine about 12 BTC/day just to pay the electricity. They made about 7.5 times more when the video was shot. With the same HW they will make less and less BTC/day over time. So either the BTC price will rise or it's time to consider selling that room or acquiring a new generation of miners ;). I guess the guy is very ok with his money anyway ;)
Picture of mwak48 achievements

+5 4. mwak commented 9 years ago

if they were using thermal regulation from the ground (like in european/US datacenters) they will gain money by limiting their expenses in electricity.
Also the big piles of cables are not good for the same reason and also for the magnetic loss ... so they could really enhance their business rent with some optimization.
Picture of urbaneagle30 achievements

+6 5. urbaneagle commented 9 years ago

The bitcoin future intrigues me but I still don't fully trust it.

From what I've seen 'miners' are awaiting countries to start banning the currency, upping the value in countries that still accept it.

I would say that site manager is playing a safe game, selling half the amount earned, so if the does 'crash' he's still better off.
Picture of Awaits35 achievements

+2 6. Awaits commented 9 years ago

#1 weird stuff. their site itself remainds me of haotic ENIAC, but people themselves - Breaking Bad kind of people. Feel free to thumb me down, I didnt get this.
Picture of Trooper26 achievements

+5 7. Trooper commented 9 years ago

A few things:

1- Bitcoins can be trusted because of the blockchain... To make it very simple, a blockchain is like the path that bitcoin has followed since its creation until now... you can use the blockchain to follow a bitcoin as it gets traded and goes from one hand to another... Blockchain is why bitcoins cannot be faked.

2- The problem with bitcoin is that provided that one party has enough computing power, in theory it is possible for one party to mine the majority of all the bitcoin.

this is exactly what's hurting the bitcoin value right now, too few people own too many bitcoin resulting in too few bitcoin in circulation for it to become mainstream.

3- There will be a maximum of 30 million BTC mined in the world, not a single more. So at today's value, all the BTC would be worth $6 billion US. Completely insignificant in the grand scheme of things.

4- Bitcoin can be stolen as we saw in various cases where BTC exchanges were hacked. Bitcoin can also be seized by police...

5- Bitcoin cannot accrue interests unlike money since the creation of bitcoin require mining. Imagine you own all the bitcoin (30 million of them) and put them in a bitcoin bank... They can't return you more than 30 million BTC because there will never be more than 30 million BTC...
Picture of LightAng3l49 achievements

-1 8. LightAng3l commented 9 years ago

#7
Imagine you had ALL the money in the world and put it in a bank. They can't return more, because there will never be more... right? WRONG!

Pffff... your logic is broken.
Picture of heyhey32 achievements

0 9. heyhey commented 9 years ago

Bitcoin will adapt, but will not change anything until fractional banking system exists.

Bitcoin is very unsafe. A good hacker team can observe miners and then can connect the wallets and fuck you up! Of course, this is still not public, but imagine once Bitcoin gets larger, this will start happening.
Picture of Judge-Jake53 achievements

+1 10. Judge-Jake commented 9 years ago

Thanks for the explanation but I still don't get it and for the following reasons not in any particular order:-

Why is there only 30 million of them?

Who decided on the number?

Why doesn't someone simply make or mine some more?

What are the guys in the noisy cable office actually doing? I mean actually doing?
Picture of YoArgentino36 achievements

0 11. YoArgentino commented 9 years ago

#8. #10, bitcoins limit to 30 million is established by design, it cannot be changed. Bitcoin are kind of answers to a math problem. Bitcoin algorithms will refuse to accept more answers after 30 million.

#7's logic about interest is not quite right, banks can pay interests in dollars, gold or in any other kind. It will be like gold if there were no more gold to dig.

Main theoretical problem with Bitcoin as THE money in the world, is that main economic theories show that the economy needs a central bank putting and taking money to/from the system, trying to equilibrate the amount of money needed in the ever changing economic activities, something you can do if you are able to print and burn money for free.
Picture of fixento232 achievements

0 12. fixento2 commented 9 years ago

It's a scam by people that have lost their arse on bitcoins in an attempt to recover from a currency that is not backed up by any assets or country. The pretend to by like paper money but electronically, the price is perception launched by a Ponzi scheme that backed the currant with NOTHING but internet hipe to get rich and the educated stupid fell for it. Give me a real currency and not some imaginary bullshit bitcoins monetary system.
Picture of Sizzlik64 achievements

+1 13. Sizzlik (admin) commented 9 years ago

#10 All questions can be answered with a simple web research..the wiki alone explains alot ;)
Picture of loadrunner54 achievements

0 14. loadrunner commented 9 years ago

#12 Bitcoins are not an investment, you buy them the second you need them, just before you go to a webshop where you can pay with them. It is very easy to pay on foreign websites. So you do not need a creditcard or paypall. I can't see how I would be scammed by that. And it is saver to pay on a Nigerian or Korean website, they do not know your creditcard number. The worst thing what can happen is losing the bitcoins without getting any products. But that also happens with normal money.
Picture of Teqskater32 achievements

0 15. Teqskater commented 9 years ago

Alright. I have a question or 2. WHAT are those calculations used for. I mean the calculations itself. Not the resulting bitcoin. What happens with those calculations. Are they used in evil internet places to crack for example passwords?
Or are they just simply complex calculations and nothing more? And because of their complexity, valueable, so worth regular money?
If it's the latter i don't know if bitcoin actualy is realy that valueable. I mean, you need to use electricity to power the needed machine(s) so it's not realy environmental friendly.
Picture of snotraddict45 achievements

0 16. snotraddict commented 9 years ago

Where there's $$ there will always be greed. I like the fact they claim there will only be a maximum made/mined but as we've seen in the US where our money was supposed to be backed by actual physical gold, they now have circumvented that system and print all they want. I don't trust anyone when it comes to money.
Picture of jackDjohnson35 achievements

+1 17. jackDjohnson commented 9 years ago

there is a band that has predicted this kind of chaos !! Rage Against The Machine !! Check them out !!
Picture of dragonon38 achievements

0 18. dragonon commented 9 years ago

#13. Put the link of wiki, please.
Picture of Sizzlik64 achievements

+1 19. Sizzlik (admin) commented 9 years ago

#18 Use the google please =)
Picture of Belptly3 achievements

0 20. Belptly commented 2 years ago

I want to say that first of all, before selling ETH, you need to make sure that you have it in your wallet. I also want to talk about the site https://cex.io/sell-ethereum because the most top-end, reliable and secure exchange of bitcoins and cryptocurrencies is located here.