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Bitcoin Mining in a Soviet Bunker

Bitcoin Mining in a Soviet Bunker

Update: 2018-07-28


In this episode join me Cahill (sounds like K-Hill) as I chat with Dias Kurmanov from Ice Rock Mining – a bitcoin mining based project based in Eastern Europe.


Their idea – shared mining project – where you earn income/revenue based on how many miners they have running. They say it’s run in an older Soviet Military bunker in a mountain, where the average temperature remains at 10-degrees Celsius or about 50-degrees Fahrenheit. Maintaining stable temperatures (and electricity costs) when building out large mining facilities is extremely important – as the more bitcoin or GPU (Graphics Processing Unit) mining rigs you have – the larger your costs are going to be in cooling and power.


As someone who mines with GPU’s (yes, I have a number of miners running, and am working on the ideation phase of an AI/GPU/Bitcoin mining idea) this discussion was interesting to me, and we do dive into the weeds a little more in Part 2 of the interview.


If you want to hear Part 2 of this episode and all the others I do – you can become a member here.

Note this interview is a little shaky as Dias was recording from his phone just outside the mining facility.


In Part 1 – we cover the standard questions. Dias covers some of the challenges associated with building mining, network difficulty growth, and how they plan to overcome these challenges.


In Part 2 – I get into the weeds. There are lots of things that affect profitability of cryptocurrency mining – hash rate, electricity costs, cooling costs, technology, network difficulty and on and on. I’ve read the whitepaper, and I run my own mining rigs/farm – so we dive into a number of interesting questions such as:


  • How do you stay competitive – as technology keeps on advancing quickly?
  • Do you have Ethereum (GPU) mining?
  • What is the LTV (Life Time Value) of each miner – what is their calculation on this?
  • How does the network difficulty increase affect their business?
  • How do they maintain profitability with network difficulty increases?
  • What equipment are they currently using to mine bitcoin, ethereum and others?
  • What is the hash-rate of the equipment they’re using – how does this compare to newer machines?
  • What type of technology are they planning on buying – Antminers? Bitmain? What models? etc.
  • and many more…


As I mentioned, we get into the weeds a bit in Part 2…


Hope you enjoy the interview.









Bitcoin Mining in a Soviet Bunker

Bitcoin Mining in a Soviet Bunker