Forum Index > Full Moon Saloon > North Central Washington's cheap power draws bitcoin miners
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MtnGoat
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MtnGoat
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PostMon Feb 12, 2018 6:00 pm 
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Interesting article. Paywalled at the WSJ, but you can find it cached if you're creative.

https://www.wsj.com/articles/rural-washington-is-a-hot-spot-for-bitcoin-miners-1518354001

Quote:
In Wenatchee, Wash., a bitcoin invasion is under way.

Home to hydroelectric dams that harness the flow of the Columbia River, north central Washington has some of the cheapest power in the U.S.

That has made the largely rural area best known for its apple orchards a magnet for bitcoin miners, who use powerful specialized computers to generate...


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Diplomacy is the art of saying 'Nice doggie' until you can find a rock. - Will Rogers
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zephyr
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zephyr
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PostMon Feb 12, 2018 6:57 pm 
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'See you added that extra pull quote.  I was just in the process of asking you to do that.  haha

I did a quick search and found yet another article reporting similarly on the same issue in Chelan County.  This article in Data Center Frontier titled "Bitcoin Miners Seeking Massive Amounts of Power in Washington State" seems to explain the situation and recent history going back several years.  I am not really sure I understand it that well to have an intelligent conversation about it.  But I can see from reading the article that it could threaten the power availability for the long time rate payers in the county.  ~z
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zephyr
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zephyr
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PostMon Feb 12, 2018 9:27 pm 
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Just now reviewing an article from the BBC on this.  Here's a video explaining bitcoin transactions:


From the article:  "It has previously been reported that the electricity demand of the world's total combined Bitcoin mining operations may now exceed the energy use of the Republic of Ireland, though this calculation may not be entirely accurate.

But as crypto-currencies rise in popularity, mining operations certainly continue to use more and more resources ...
"

My instincts are that this is something to be wary of.  huh.gif  I suppose I am old-fashioned, but this development is not encouraging for a number of reasons.  ~z
.
.
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Adohrn
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Adohrn
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PostMon Feb 12, 2018 11:02 pm 
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Crypto-currencies as Pt Barnum would say “there is a sucker born every minute”.  While recently washing one of my bags at the local laundromat I became a captive audience to one of the patrons who mistakenly assumed I needed an in-depth education about it.  Ahhhhh!!!!!!!  Down takes a really really really really really long time to dry.
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NacMacFeegle
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PostTue Feb 13, 2018 10:38 am 
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The entire cryptocurrency market is almost sure to crash before too long. It really reminds me of a gold rush - people are staking their savings, picking up and moving to other places in the hope that they will strike it rich. The sooner it crashes the better - what a waste of power!

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Read my hiking related stories and more at http://illuminationsfromtheattic.blogspot.com/
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Navy salad
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Navy salad
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PostTue Feb 13, 2018 1:06 pm 
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zephyr wrote:
Here's a video explaining bitcoin transactions:

Great video that explains the whole concept in very simple terms!
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Joey
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Joey
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PostFri Feb 16, 2018 10:01 am 
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I started reading up on this a bit and learned that there are also crypto currencies that are based on different technology ("distributed ledger") which do not involve any mining.  Examples include ripple, stellar, iota.
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