Bitcoin Mining Project in a Soviet Military Bunker – Ice Rock Mining with Dias Kurmanov

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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SHOW NOTES

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]  


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