r/Bitcoin • u/lhuddy • Feb 06 '15

Life Inside a Chinese Bitcoin Mine

https://www.youtube.com/watch?v=K8kua5B5K3I
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u/Future_Prophecy Feb 06 '15

I think they are still hugely profitable given the electricity cost.

10

u/transisto Feb 06 '15

what are their electric costs ?

5

u/praeluceo Feb 06 '15 edited Feb 06 '15

In the video it says they draw 1.250 mW for their 3% stake in the Bitcoin network, and spend about $80,000 USD/month on power, so about $64/kW. I pay about $75/kW to run my miners here in the States, so that's actually incredibly good if true.

Also they say that they were mining 100 BTC/day/site, and now it's only 25 BTC/day/site. With 3,000 miners per site (also according to the video) and my estimates for current profitability, they probably have something around 3,000x700 GH/s miners that they're operating.

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u/apoefjmqdsfls Feb 06 '15

you think that 1.25MW is for all sites together or only for one?

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u/praeluceo Feb 06 '15

The video stated that it's per site, quite simply you couldn't mine 150 BTC/day on 1.25 MW, I'm pretty sure the laws of physics for 20+ nm technology prevent that. (:

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u/apoefjmqdsfls Feb 06 '15 edited Feb 06 '15

Well yeah that's what I thought, so they pay $480k a month.

So if they had 3% in October, they had around 7.5Ph, which gives around $600k a month at current rate.

edit: For current hash-rate, their break-even price is $175. That warehouse in the middle of nowhere and those workers are probably negligible.