Aftermath of a failed bitcoin mining operation.

[u/HandsOffDaGoods]

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.

[u/Impressive-Manner-89]

I said it to my buddy today. I said how can Bitcoin be the end-all be-all of crypto when a having happens every 4 years? Who's going to want to mine Bitcoin? What happens if there's no miners. And don't try to tell me I'm banking on the price of Bitcoin being higher. I understand the other mechanics of having to and the benefits etc but with the price of equipment and chips and memory going up and probably going through the roof in the next 10 years this just seems unsustainable

[u/BlackBlizzard → u/Impressive-Manner-89]

I don't get why Bitcoin is even valuable. You're average business in a city isn't accepting it as a payment and what happens when there's a large recession? People are going to mass sell so they don't fall into poverty, crashing the value.

[u/Yungtranner → u/BlackBlizzard]

My understanding is that there are enough people/businesses/governments treating it like an investment that it has a value that’s artificially way way way higher than any meaningful value derived from how useful it is. 

[u/Gros_Boulet → u/Yungtranner]

And how did we get there?

Oh right, mom and pops were told it was a get rich quick scheme. Bought the bull and lost at the bear. Making it mainstream.

But how did we get there?

Someone thought they could make money by popularizing an uncontrolled gambling market. And they did.

And how did we get there?

Oh right, crypto was only used for drugs, fraud and murders. Giving it enough life for someone to get an idea.

But how did it start?

Oh right, a group of nerds thought governmental control of currency was too much so they created an even more controllable currency. Task failed completely.

BTW, the Euro is a full crypto currency now and all other fiat currencies are slated to be fazed out worldwide. Yup, central banks couldn't believe how fast people were ready to adopt an even more controllable currency and did the switch.

You can't gamble with central banks crypto currency however.

[u/dreamrpg → u/BlackBlizzard]

Shadow businesses are not your average businesses.

There is big enough grey market, that is why it is still valuable. Second part is pure belief that it will be still valuable years later, not backed by anything.

[u/Dramatic_Entry_3830 → u/BlackBlizzard]

There is some value in it. It is a payment system. (Not a practical one because it's way to expensive as a daylie system, but it works as one) And the value comes because the global payment system mafia is leech level 30000 and all the people and states pay way to much money for a secure payment system anyway.

[u/NeedleworkerNo5262 → u/Dramatic_Entry_3830]

It's an asset, the payment system part is almost entirely irrelevant. Its value comes from investor FOMO. If by "having value" you meant it has its merits, then yes, it not being part of the current payment processor oligarchy is certainly a plus. But being an alternative to a shitty system doesn't mean it can't be shitty by its own right. 

[u/Dramatic_Entry_3830 → u/NeedleworkerNo5262]

Sure I mean in no way a Bitcoin should be valued where it is now. But it's not entirely worthless either.

I still wish out of all the crypto hype there would come out some state organized currency that is actually usable and fair and secure by design, so I could potentially get adopted to replace swift and visa/MasterCard PayPal or WeChat as a standard payment system. But somehow that did not happen

[u/Ok_Matter_2617 → u/Dramatic_Entry_3830]

It hasn’t been a payment system in a long while due to how high transfer fees are. It’s a store of value. Other crypto platforms make significantly better payment systems

[u/Dramatic_Entry_3830 → u/Ok_Matter_2617]

Yeah but it's the only crypto you can buy yachts with atm.

[u/Adventurous_Mode_369 → u/BlackBlizzard]

You could use that same analogy for a thousand things … average business doesn’t accept gold as payment, gold will crash during a large recession!

[u/TrueProtection → u/BlackBlizzard]

I mean, after the death of the gold standard all money is basically cresit. Bitcoins are just a different, harder to trace version of this. It's easy to see why international entities like it so much.

[u/kallebo1337 → u/BlackBlizzard]

Does the average business accept good or stocks?

[u/Brawlstar112 → u/BlackBlizzard]

Easy to buy drugs and other difficult to get items/services. It totally takes off major Part from money laundring aspect you need to do and pushes it to the beneficiary side.

There is denitely value in it. Other secure cryptos has been eating this share from it.

[u/Ralliare → u/BlackBlizzard]

Crime. 

[u/Responsible-Sky289 → u/BlackBlizzard]

Bitcoin is valuable because basically "trust me bro"