This Is What Happens When Bitcoin Miners Take Over Your Town - POLITICO Magazine


69 bookmarks. First posted by keithpeter march 2018.


This Is What Happens When Bitcoin Miners Take Over Your Town
from twitter
7 weeks ago by Nomad93
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
scale  bitcoin  usa  power  economy 
april 2018 by markhgn
This Is What Happens When Bitcoin Miners Take Over Your Town via Instapaper http://politi.co/2p3fFRF
IFTTT  Instapaper 
march 2018 by johnmfrench
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
march 2018 by tomconte
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
bitcoin  blockchain 
march 2018 by zesteur
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
march 2018 by thenerdscribe
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
IFTTT  Pocket 
march 2018 by Pheelmore
"This Is What Happens When Bitcoin Miners Take Over Your Town"
from twitter
march 2018 by peterjblack
Look at how the cheap power in Grant, Chelan, and Douglas counties have made them a popular bitcoin mining location.
bitcoin  wa  2018 
march 2018 by axodys
This Is What Happens When Bitcoin Miners Take Over Your Town
from twitter
march 2018 by kejadlen
So, wo ist der Dickens des 21. Jahrhunderts? Material gibt es genug
from twitter
march 2018 by grzbielok
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
pocket  favorites 
march 2018 by bschlagel
Wenatchee and Chelan county
wa_state  bitcoin  electricity  2018 
march 2018 by mechazoidal
The attraction then, as now, was the Columbia River, which we can glimpse a few blocks to our left. Bitcoin mining—the complex process in which computers solve a complicated math puzzle to win a stack of virtual currency—uses an inordinate amount of electricity, and thanks to five hydroelectric dams that straddle this stretch of the river, about three hours east of Seattle, miners could buy that power more cheaply here than anywhere else in the nation. Long before locals had even heard the words “cryptocurrency” or “blockchain,” Miehe and his peers realized that this semi-arid agricultural region known as the Mid-Columbia Basin was the best place to mine bitcoin in America—and maybe the world.
bitcoin  fail 
march 2018 by dancall
This is a piece that makes me deeply jealous. Great idea, surreal reality, perfect execution.
from twitter_favs
march 2018 by charisse
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
bitcoin  articles 
march 2018 by mikael
This Is What Happens When Bitcoin Miners Take Over Your Town via
from twitter_favs
march 2018 by schraeds
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
bitcoin  mining 
march 2018 by jorgebarba
This Is What Happens When Bitcoin Miners Take Over Your Town #sociocose https://t.co/S74y4k0VM8 via @politicomag
sociocose 
march 2018 by ciocci
Patrick Cavan Brown for Politico Magazine EAST WENATCHEE, Washington —Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land…
march 2018 by jkleske
This Is What Happens When Bitcoin Miners Take Over Your Town
from twitter
march 2018 by jamescampbell
This Is What Happens When Bitcoin Miners Take Over Your Town
artikel  readitlater 
march 2018 by webhamsterz
Paul Roberts:
<p>The utilities’ larger challenge comes from the legitimate commercial operators, whose appetite for megawatts has upended a decades-old model of publicly owned power. The combined output of the basin’s five dams averages around 3,000 megawatts, or enough for the population of Los Angeles. Until fairly recently, perhaps 80 percent of this massive output was exported via contracts that were hugely advantageous for locals. Cryptocurrency mining has been changing all that, to a degree that is only now becoming clear. By the end of 2018, Carlson reckons the basin will have a total of 300 megawatts of mining capacity. But that is nothing compared to what some hope to see in the basin. Over the past 12 months or so, the three public utilities reportedly have received applications and inquiries for future power contracts that, were they all to be approved, could approach 2,000 megawatts—enough to consume two-thirds of the basin’s power output.

Just because miners want power doesn’t mean they get it. Some inquiries are withdrawn. And all three county public utilities have considerable discretion when it comes to granting power requests. But by law, they must consider any legitimate request for power, which has meant doing costly studies and holding hearings—sparking a prolonged, public debate over this new industry’s impact on the basin’s power economy. There are concerns about the huge costs of new substations, transmission wires and other infrastructure necessary to accommodate these massive loads. In Douglas County, where the bulk of the new mining projects are going in, a brand new 84-megawatt substation that should have been adequate for the next 30 to 50 years of normal population growth was fully subscribed in less than a year.

Many also fear that the new mines will suck up so much of the power surplus that is currently exported that local rates will have to rise. In fact, miners’ appetite for power is growing so rapidly that the three counties have instituted surcharges for extra infrastructure, and there is talk of moratoriums on new mines. There is also talk of something that would have been inconceivable just a few years ago: buying power from outside suppliers. That could mean the end of decades of ultracheap power—all for a new, highly volatile sector that some worry may not be around long anyway. Indeed, one big fear, says Dennis Bolz, a Chelan County Public Utility commissioner, is that a prolonged price collapse will cause miners to abandon the basin—and leave ratepayers with “an infrastructure that may or may not have a use.”</p>


A great piece - though the insanity behind bitcoin is just depressing.
bitcoin  mining  power  utility 
march 2018 by charlesarthur
RT : Ultimately, cryptocurrencies are an arbitrage play on too-cheap electricity.
from twitter
march 2018 by theory
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
IFTTT  Pocket 
march 2018 by eemorningwood
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
IFTTT  bitcoin  Digg  Pocket  instapaper  mining  (popular  bookmarks)  crypto_currency  danger 
march 2018 by BiteSize77
RT : I cannot believe we are literally repeating the mistakes of gold rush mining, only this time with Bitcoin.
from twitter
march 2018 by gfmorris
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec
Pocket 
march 2018 by nildram
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec
digg  ifttt 
march 2018 by Goldmanjordan
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
IFTTT  Pocket  digg 
march 2018 by michaelkpate
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
IFTTT  Pocket  digg 
march 2018 by cthorpe
This Is What Happens When Bitcoin Miners Take Over Your Town
from twitter
march 2018 by windley
David Carlson: The Bitcoin Pioneer | Carlson, a former software engineer, is often credited with starting the basin’s bitcoin boom when he built one of the world’s first large-scale mines in an old furniture store in Wenatchee.

Malachi Salcido: The Local Talent Salcido, a Wenatchee native and building contractor, studied other miners before launching his own bitcoin operation in 2014. He’s now one of the biggest miners in the basin, and has worked hard to convince the community that bitcoin and the blockchain could transform the region into a technology hub.
bitcoin 
march 2018 by zryb
"Right now, everyone is in full-greed mode."
from twitter_favs
march 2018 by misc
This Is What Happens When Bitcoin Miners Take Over Your Town via Instapaper http://politi.co/2p3fFRF
IFTTT  Instapaper 
march 2018 by craniac
looks like there will be cheap new warehouse space here in a bit
bitcoin  danger  heh 
march 2018 by ash
Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.
march 2018 by purge
Y'all know this stuff is bonkers, right?
from twitter
march 2018 by jreffell
This Is What Happens When Bitcoin Miners Take Over Your Town https://buff.ly/2Frcheg
from:ifttt  from:buffer 
march 2018 by pixel
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
pocket 
march 2018 by jburkunk
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec via Pocket
IFTTT  Pocket  instapaper 
march 2018 by drewcaldwell
This is what happens when Bitcoin miners take over your town via
from twitter_favs
march 2018 by burritojustice
"The commercial miners now pouring into the valley are building sites with tens of thousands of servers and electrical loads of as much as 30 megawatts, or enough to power a neighborhood of 13,000 homes. And in the arms race that cryptocurrency mining has become, even these operations will soon be considered small-scale."

600Mw for large scale aluminium smelter so wondering total consumption
notes 
march 2018 by keithpeter