Bitcoin Mining Project in a Soviet Military Bunker – Ice Rock Mining with Dias Kurmanov
In this episode 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.
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.
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Selected Links from the Episode
Ice Rock Mining Website Ice Rock Mining Telegram Channel Ice Rock Mining Whitepaper (different languages) Ice Rock Mining Twitter Ice Rock Mining Facebook Ice Rock Mining Bitcoin Talk Forum Ice Rock Mining Medium Ice Rock Mining Instagram Ice Rock Mining Youtube
What is the bitcoin mining project all about [0:40] Timing - why is now a good time to start a bitcoin mining project, as opposed to a year ago, or as opposed to waiting another 6-12-months? [1:38] Is there data behind the trend of bitcoin mining - is there data that you have been looking at? [2:45] Re-cap of the problems and technology that they're planning on working with [4:40] How much development has gone into the project so far? What went right and what went wrong? [4:55] Again, how much development has gone into the project so far? [6:45] How do you plan on driving user growth or revenue? How do you get more users? [7:40] Dias mentions next phases of Ice Rock Mining - can you explain that? [9:03] Dias has technical experience from University - but what are the most complex problems that the team has had to solve? [9:30] Previously what problems has the team had to solve? [10:50] What is the token allocation? How is it broken down and why did you decide to break down the percentages like that? [12:50] Token allocation - how is it divided? [15:15]