The Bitcoin bandits

D

dealmaker

The Bitcoin bandits:With its cheap geothermal energy, Iceland has become one of the leading miners of digital currency. The Advania data center houses computers that are part of the largest concentration of Bitcoin mining power in the world. Advania pulls in what’s estimated to be millions of dollars a year. But wherever there is money, crime is sure to follow. Thieves broke in and stole 550 Bitcoin computers, totaling $2 million in tech gear. These days criminals aren’t robbing banks — they are stealing the presses used to print digital money.(Vanity Fair)

“Why go to all of the expense and effort to start your own Bitcoin mine when you can get a head start into the business by stealing computers from the competition?”
 
Trader Curt said:
It's pretty stupid how someone could have a huge mining farm with no security.
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One not-carefuller selfie from CEO with computers, another, then another. Eventually they found the location.

,, Look at me, im the new Elon Musk ''

At least that's what media said , about one of the big miners, in our country.

Oh. Whatever... :rolleyes:




But are those miners really still profitable ?

Iv heard that after the bubble bursted, many of them were busted , with all of the equipment, kinda non-liquid.

Wasn't this a fake, to get the insurance... ?
 
Nobert said:
But are those miners really still profitable ?

Iv heard that after the bubble bursted, many of them were busted , with all of the equipment, kinda non-liquid.

Wasn't this a fake, to get the insurance... ?
More...

It's only profitable if the gains from Bitcoin are worth more than the power bill. Which at this point it is. When Bitcoin was in the $4000 region everyone was selling their mining rigs because there was no profit to be made, and because everyone thought it was going to crash. Bitcoin has to be above $6000 to make any kind of profit if your paying 12 cents a kilowatt.

It could have been faked for insurance, if losing some time mining Bitcoin is worth the insurance money....
 
Trader Curt said:
It's only profitable if the gains from Bitcoin are worth more than the power bill. Which at this point it is. When Bitcoin was in the $4000 region everyone was selling their mining rigs because there was no profit to be made, and because everyone thought it was going to crash. Bitcoin has to be above $6000 to make any kind of profit if your paying 12 cents a kilowatt.

It could have been faked for insurance, if losing some time mining Bitcoin is worth the insurance money....
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And now they lost, both equipment and time, because of bad risk management...
 
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