Posted on 03/23/2022 5:52:24 AM PDT by Scarlett156
Along a dirt-covered road deep in Texas farm country, the cryptocurrency company Argo Blockchain is building a power plant for the internet age: a cryptocurrency “mining” site stocked with computers that generate new bitcoins.
But unlike other bitcoin mining operations, which consume large quantities of fossil fuels and produce carbon emissions, Argo claims it’s trying to do something environmentally responsible. As Peter Wall, Argo’s chief executive, led a tour of the 126,000-square-foot construction site one morning this month, he pointed to a row of wind turbines a few miles down the road, their white spokes shining in the sunlight.
The new facility, an hour outside Lubbock, would be fueled mostly by wind and solar energy, he declared. “This is bitcoin mining nirvana,” Wall said. “You look off into the distance and you’ve got your renewable power.”
Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded cryptocurrency mining companies say they are building or already operating plants powered by renewable energy, and industry executives have started arguing that demand from cryptocurrency miners will create opportunities for wind and solar companies to open facilities of their own.
(Excerpt) Read more at seattletimes.com ...
I couldn’t read the article in the NYT. They said “sign in to read the article” so I did and THEN they said “You have reached your limit of free articles.”
What a bunch of dirtballs they are.
It’s called protecting your investments.
Good business.
I understand Bitcoin vs Fiat both have their problem. However has anyone bothered to actually look into how they compare “carbon wise”? Presumably everything that goes into building a bank, keeping the lights on, and the air conditioner running is not free. The paper our money is printed on, however worthless, is still slightly more than free.
Good luck with that. Mining takes up a TON of electricity. I know people that pay 20,000-30,000 a month just in electricity bills.
I understand that a lot of y’all freak out of anyone criticizes “bitcoin” so that’s why I do that.
Haha, pocket change. Right?
Bitcoin miners often place themselves where there is cheap energy. In many places they set up where hydro is the main source—and they suck up energy generated during times when it goes to waste.
While the miners are “appearing” to suck up to the “eco guys” in reality, they are doing it because its cheaper.
If you are building your own solar and wind...you are not relying on the extended grid. And, in my area for instance, the cost of the energy makes large scale operations almost impossible without supplementing the commercial source with some sort of renewable.
But yeah...energy use is one of the bugaboos that Liz Warren and her ilk through at crypto—after money laundering and criminal activity. (Of course, that $20 bill in your pocket probably has seen more cocaine than the bitcoin in your wallet. ha ha.)
Just as an FYI. If anyone is interested in what bitcoin mining is all about, here is a link to a decent summary.
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
Not trying to sway anyone’s opinion...but some folks might want a primer on this stuff.
I’m in no wise a fan of paper money. However, bitcoin is like paper money without the paper. When the electricity goes off, you’re left with nothing.
I read some months ago about how these gangs of Chinese dudes - some of them clearly not even knowing what cryptocurrency is - buying up large tracts of rural property in desolate places in Montana, Idaho, etc., because property and energy are both cheap - UNTIL they start a bitcoin mining plant. Then local farmers/ranchers/residents will start having power outages, etc. Local power co-op hustles to dig more trenches and hang more wire. Expect energy prices to go up then. Also property will become more expensive, because where there’s one cryptocurrency mining operation, you can bet there are going to be more.
Suddenly there are all these guys hanging around who seem like they don’t have jobs. It’s a big old party, day and night. There’s a noise that becomes constant, louder and louder. I guess - from what I’ve been able to piece out - it’s the fans they have to use to keep the machines cool.
I know the rural area I live in has seen quite an impact. And these guys are so snide about what they’re doing, like they’re some sort of aristocracy. (Criminals are always like that, though.)
It kinda looks like a scam, Earl.
As long as the Bitcoin miners pay their energy bills, what’s the problem? Let’s attack the millennial weenies who play stupid computer games in mommy’s basement and waste 10 times more electricity than miners.
In the coming years, that element will be run out of the system.
The “big” cryptos (Bitcoin, Etherium and the like) are fast becoming mainstreamed by the large investment companies. Companies like Goldman Sachs, Fidelity, and JPM are investing in cryptos and their infrastructure.
Why does this matter? Because those companies do not want to get in dutch with the government, their regulators, and big customers. This will drive out the dirt bags in favor of the “professional” business operators.
Crypto currency is moving from the Wild West to the “respectable” phase.
The argument about “the power going off” applies to just about everything in life. If the power really “goes off”, money—digital or physical—will drop in importance pretty damn fast. So, while that argument sounds reasonable—it proposes a situation that is not probably and which would require a complete paradigm shift. Even precious metals would be useless in a practical way until the shift was complete and a new economy was established.
But, different opinions make the world go around and they cause us to think about things.
Crypto is not the savior of the economic mess we are in. It will evolve over the coming years. But it causes us to think about what is going on. In the end, it comes down to whether or not you trust the government to manage your money, or whether you would like some input and control.
The issue is when you drop a large mining operation into a rural or poor community. They suck up a bunch of the power and drive the price up. This causes the price to go up for EVERYONE. That is where the problems arise.
Its funny, I was driving around my area the other day and saw an old mill that still have a dam in the place where it was powered by water in the 1800’s. That dam could be converted to provide hydro power to the same factory building—generating power for a mining operation.
Of course the EPA would crap a brick if someone proposed that. They want to tear down dams.
Its solutions like that which will make the mining operations more acceptable to small communities.
I'm so old I remember bitcoin true believers saying crypto currency allows you not to give a darn what other people think. I guess that ship has sailed. LOL
Right? :D
Having a small amount of freedom to manage one’s own money isn’t going to amount to a hill of beans when the economy just completely collapses. It might have been a great idea. But like a lot of things, cryptocurrency doesn’t really play well with reality. It’s not going to be there for you when you really need it. Like a lot of speculation, it’s great if you already have some money to burn and you can stand a loss. Reality is that most of us don’t have that much money to burn.
That’s fine.
No one is asking you to.
I am more interested in the fact that it works and that it shuts out the central banks. The fact that it’s allowed me to makes changes in my life that would not have been possible at this point make me grateful. But I have never recommended anyone do anything with their money.
And when the economy collapses, nothing will work for a while. But I don’t think we will see a collapse of the entire economy. Wealth transitions from one thing to the next. Unless you think the Bolsheviks are coming, it will transition.
This is why a diversified portfolio is alway important.
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