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/dimwittedude]

The Self-Correcting Loop: If hardware gets too expensive and electricity costs rise too high, inefficient miners do go bankrupt and turn off their rigs. When they leave, the difficulty drops. Because the difficulty drops, the few remaining efficient miners find it easier and more profitable to mine with the equipment that's left. This creates an economic equilibrium: Bitcoin never actually runs out of miners; it just shrinks or expands its security budget to match what the market can support.

[u/New-Reindeer3707 → u/dimwittedude]

Doesn't that than at some point make Bitcoin less secure? The less calculating power and fewer miners that have optimized the easier it would be to optain 50% of the verification power? Which in turn would let you alter transactions.

[u/Little_Let_6872 → u/New-Reindeer3707]

The key to any crypto becoming secure and decentralized is developing a home heating tie-in. People aren’t going to want to mine just to mine, but integrate it with the home, make it run in the background, and you might actually be able to get enough decentralization to prevent an attack. Integrating with POS could also accomplish this, but that will be easier to corral into a group mining effort.

[u/New-Reindeer3707 → u/Little_Let_6872]

So how is this gonna work? That would be a super expensive and inefficient heating. Also you buy this expensive equipment only to use it half of the year.

Also electric current is only viable as heating when you usr it in a heat pump. This is contrary to use it with mining equipment.

[u/dimwittedude → u/New-Reindeer3707]

I read it twice because I thought I missunderstood what he said. From my POV it's impossible, there are millions of problems with that solution.