Bitmain could produce and run all the bitcoin miners for themselves, but starting as a "startup" they need to raise funds to scale, hence selling to 3rd parties...
even to date after scaling to millions of units sold
1,222 karma · joined September 15, 2019
even to date after scaling to millions of units sold
I've had few weekends where I spend the full week credits over night then have nothing to do for a week
> The Texas Interconnection is tied to the Eastern Interconnection with a 220 MW DC tie near Oklaunion, and a 600 MW DC tie near Monticello, and is tied to NERC (North American Electric Reliability Corporation) systems in Mexico with a 300 MW DC tie near McAllen, and a 100 MW VFT tie near Laredo.[29] There is one AC tie switch in Dayton, Texas
If they held it for 100 years and finally sold it, then profit/loss is realized now
it's plenty good on free tier
as soon as they start adding restrictions / raising prices / etc won't take long to look for alternatives
majority of population of any given country doesn't emigrate ever, even inside EU where it would be extremely easy
(not only for these cambodia originated crimes)
Also keep in mind all the bribes, all the money laundering mentioned in the article by the 100s of affiliated subsidiares of the criminal group all in Cambodia
the big casinos which directly and indirectly support additional laundering
https://www.fincen.gov/system/files/2025-10/Huione-Group-Fin...
https://www.kharon.com/brief/huione-group-cambodia-treasury-...
Every business has revenue / costs
The indictment mentions they were doing 30M/day ~ 10B / year, could be an old message when they were smaller
Guessing that's revenue
They're just one of many organizations in the "industry"
the economy is not that big to start with :)
GDP $49.8 Billion (nominal; 2025)
Some examples
https://www.business-humanrights.org/en/latest-news/cambodia...
Cambodia's specifically 30-50% of the economy can be directly attributed to scamming plus casinos
This one of the other organizations / major bank used for money laundering directly linked to Hun Sen
https://en.wikipedia.org/wiki/Huione_Group
> The company is linked to Cambodia's ruling Hun family, which includes the current prime minister, Hun Manet.[4] His cousin Hun To is a major shareholder and director of Huione Pay
Did you read the article?
The reason to move to ECB would be for ECB garanteed deposits, which many could find safer than their local bank
> Flight to safety would see 13 banks out of cash
this wasn't a swift action overnight
they could be blocking this many accounts on a yearly basis just from scam reports at the police station
or more which seems to be the case recently, but not overnight
this is bad article
take my money!
It ingests 70k lines per second without a sweat
reads are just as fast
I've done it at work, this is on a blacklist of ASNs that require "extra" authentication
all the labor is imported from abroad and live in miserable conditions, no unions or paperwork, just lots of earthworks to be done
- lots of cheap power - deploy 100s of ASICs, let each of them fail as they go
It's a shame that it's too good to be true, until you get blocked and then it takes weeks/months to get the account back
Certainty can't trust one single institution to hold all your funds
Financial statements indicate they selling services at 50% margin, but all the extra sales/admin/R&D add up to a loss
They could cut all of that I guess, it's not like object storage need a lot of innovation and they've already stopped making their own storage servers and
That's where Wasabi is taking customers
this is activist short seller report/investigation, some of the points made:
- never been profitable
- execs selling aggressively
- loosing customers to Wasabi
- accused of cooking the books
- being sued by former execs for anti whistleblower/wrongful termination
- execs leaving
Avi Einsenberg did the same with Mango Markets,
got away with 110M and is now looking at 20 year sentence
And Mango was being sued by the SEC too https://www.sec.gov/newsroom/press-releases/2024-154
> SEC Charges Entities Operating Crypto Asset Trading Platform Mango Markets for Unregistered Offers and Sales of the Platform’s “MNGO” Governance Tokens
> Pair of affiliated entities separately charged for acting as unregistered brokers