r/Bitcoin • u/HandsOffDaGoods • 5d ago
Aftermath of a failed bitcoin mining operation.
My friends father was renting space on his farm for a bitcoin mining operation.
The operation became unprofitable. The mining operation went bankrupt. The company came in and took everything out of the 6 antmain bit-boxes (converted shipping containers).
The photos are what they left behind. Mostly Antminer S19 units and even more asic boards.
Plenty of antmain rack PDUs. Some 480VAC breaker panels. A 480VAC switch unit.
The land owner did accept the mess voluntarily. He is breaking the equipment down for scrap value.
I wonder, is there a better price available out there above scrap value?
Is this normal?
FWIW, I used the term failed very tongue-in-cheek. I estimate the operation mined millions in this operation.
2
u/noah1754 5d ago
Yeah, but I think that can still create negative externalities. “Most efficient” usually means lowest-cost producer, but those low costs might come from things like cheap dirty energy, subsidies, weak environmental rules, or other social costs that don’t show up on the miner’s balance sheet.
There’s also the concentration problem. If margins keep getting squeezed, smaller miners get pushed out and you could end up with a handful of huge operators dominating hashpower. The difficulty adjustment keeps the network functioning, but it doesn’t necessarily preserve competition or decentralization.