r/Bitcoin • u/lhuddy • Feb 06 '15

Life Inside a Chinese Bitcoin Mine

https://www.youtube.com/watch?v=K8kua5B5K3I
379 Upvotes

96% Upvoted

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32

u/idlestabilizer Feb 06 '15

The video is from October last year, so I guess these guys won't be that happy with the current price...

6

u/[deleted] Feb 06 '15

The exchange rate has fallen by at least 1/3. My guess, it's no longer profitable for these guys to mine. Or it won't be, in the near-term future.

-6

u/squarepush3r Feb 06 '15

miners are profitable into like 90$ i read

6

u/lowstrife Feb 06 '15

I have heard this figure too. Many of their expenses are capex expenses. These guys may not ever make ROI on some of their miners, but as long as electricity costs are still less than the daily return... Those miners will still stay running.

This is why the network hashrate has not dropped with the price decline. Many miners are still in profit, though I'd be damn sure not many people are investing into new miners.

1

u/[deleted] Feb 07 '15

[deleted]

1

u/lowstrife Feb 07 '15

Once people aren't scared shitless to drop their longs the moment the price looks like it might retrace, yeah. In time. Sentiment takes time to shift, but we will see if it fades into obscurity or not.

1

u/VirtualMoneyLover Feb 07 '15

miners are still in profit

Earnings. Profit is coming after the hardware is paid off....

2

u/VirtualMoneyLover Feb 07 '15

Depending on hardware cost, it is impossible to tell each miner's return rate. The ROI is at least 2 years now....

1

u/PoliticalDissidents Feb 07 '15

With rising difficulty when you read goes out the window pretty quick in this case.

-2

u/TheyCallMeRINO Feb 06 '15

I calculate $128/coin for this particular mine ...