Save time by listening to our audio articles as you multitaskNowadays, the dam and the redbrick power plant on top of it are of less use. There is less manufacturing, and west-central Wisconsin gets most of its power from much bigger coal, gas and nuclear plants. Since April, however, a new industry has quietly been humming away at the dam. Around 400 computers now use the spare electricity generated to “mine” bitcoin: that is, solving cryptographic problems in the hope of winning some of the 6.
In recent months, the cryptocurrency boom has deflated dramatically. Bitcoin has lost 70% of its value since November; it dropped by 17% on June 13th alone. Many firms that had flourished are in trouble. Coinbase, a big bitcoin exchange originally from California, which went public last August at a valuation of $86bn, this month has rescinded job offers and is cutting 18% of its staff. But mining projects, curiously, still seem to be growing.
The result is a constant rush towards cheaper electricity and more powerful computing equipment. Many of the newest projects in America are run on behalf of energy firms, says Mr Webber, which can use spare power that they could not otherwise sell. “If you’re producing low-cost energy, you’ll outlast,” he says.
Realize crypto is flawed and unsustainable. Even satoshi realized it and bailed on btc.
All this energy for a digital token.
This is just another crypto winter
A tiny carbon tax on each cryptocurrency transaction would balance the federal budget and eventually eliminate the national debt.
no rights ever shared over cryptocurrency or crypto-mining of ANY kind, worldwide, like i keep posting. like i proved all along, online. only disinformation articles, while everybody mass steals it. iinventeddigitalmoney iinventedcryptocurrency followthewhiterabbit
So, only the rich with supercomputers can win these new bitcoins, and the large investments firms then buy these overvalued assets and sell them to people who think there are enough fools willing to pay more for them?
OTH if BTC had half a brain they could run the 8 transactions a second on a Raspberry Pi. Alas, they are nuts and they believe the insanity is proof of something good. Unexplainable, so definitely smart.🤔😬
And why is there spare electricity?
I wonder why there is a chip shortage
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Source: TIME - 🏆 93. / 53 Read more »