BitFury Reveals New Details About $100 Million Bitcoin Mine

[LiteCoinGuy]

BitFury Reveals New Details About $100 Million Bitcoin Mine

BitFury will invest $100m in building a 100MW bitcoin mining data centre in Georgia, according to a new report by local news source Agenda.

http://www.coindesk.com/bitfury-details ... ta-center/

100 mio

[btc]

BitFury Reveals New Details About $100 Million Bitcoin Mine

BitFury will invest $100m in building a 100MW bitcoin mining data centre in Georgia, according to a new report by local news source Agenda.

http://www.coindesk.com/bitfury-details ... ta-center/

100 mio

100 MW?!

at 0.2 Joules/Gigahash or 1 Watt = 5 Gigahash/second

this is a 500 PETAHASH MINE!?



We are at 450 PH right now and this could 51% BTC for sure if no new hardware elsewhere is installed.

[LiteCoinGuy]

probably they will not reach 51% as other firms try to expand their mining too. but BitFury is a big player.

[bitkilo]

Now that's a bitcoin mine

I read that BitFury has some local ties to Georgia but im guessing the power to be very cheap if they are setting something this big up there.
I imagine they have done a sweet deal with the government for concessions.

Does anybody know if the power companies in Georgia are private or government owned?

51% attack is scary with this much power.

[Ishotas]

Does anybody know if the power companies in Georgia are private or government owned?

Mostly private
http://greengeorgia.ge/?q=node/41

[GreatNorthData]

Does anybody know if the power companies in Georgia are private or government owned?

Mostly private
http://greengeorgia.ge/?q=node/41

I found a fairly long article the other day all about their power infrastructure. Power as cheap as 1 cent USD/kWh, pretty amazing. (Hard to figure out, but there is the base rate and a grid fee, payable to separate companies.) The big reason power is that cheap is their currency has fallen in value very badly. Long term, Georgia wants to sell this power to Turkey and the middle east, who are desperate for electricity. That'll raise their rates in the long term.

As for $100 million to build a 100MW facility? Anyone in this industry will tell you that's ridiculous. Between the cost of labour in Georgia and the economies of scale, I'd still be shocked if the price tag was 50% lower. So, I would say that the vast majority of those funds are for building new and better miners.

[Ishotas]

As for $100 million to build a 100MW facility? Anyone in this industry will tell you that's ridiculous. Between the cost of labour in Georgia and the economies of scale, I'd still be shocked if the price tag was 50% lower. So, I would say that the vast majority of those funds are for building new and better miners.

Yes, electricity is very cheap in Georgia. The high price tag could partially be explained by all the new technology that is going to be employed by BitFury, such as http://investors.3m.com/news/press-rele ... fault.aspx

[Acidyo]

That is really interesting.

I have been thinking of opening my own "mine" here in Finland as a company. They have some good electric packages to offer that's why I thought it would be a good idea. And even better to start it now before the halving next year. Hmm should maybe get to work and prepare a business plan. Although I have no idea what they think/know about BTC so it may be hard to convince them to let me open a mining company.