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Pioneer of Central Washington cryptocurrency boom falls on hard times • The Seattle Times
Paul Roberts:
<p>Last October, Giga Watt was on a scorching upward trajectory. With prices for bitcoin and other cryptocurrencies soaring and international investors clamoring for a piece of the digital action, the East Wenatchee-based company had expanded to 62 employees and raised tens of millions of dollars for what it hoped would be a game-changing project: a sprawling campus of 24 prefabricated buildings where would-be crypto “miners” could run their own computers and solve the complicated mathematical algorithms that yield the digital gold.

As the pods arose from a muddy site near the Douglas County airport, local government officials talked excitedly about the emergence of a new, 21st-century industry based on the complex “blockchain” technologies that enable bitcoin and other cryptocurrency. Giga Watt and its founder, a former Seattle-area programmer named Dave Carlson, saw themselves on that revolution’s cutting edge.

Now it’s a starkly different picture. Last month, beset by millions of dollars in debt, ongoing legal problems and questions about its unconventional financing, Giga Watt laid off 80 percent of its staff and suspended all construction. Carlson himself stepped down in August.

The moves come as the volatile sector, which ignited a small gold rush in the mid-Columbia Basin, is struggling with softening cryptocurrency prices and uncertain costs for its prime “raw material,” cheap electricity. The market correction has wiped out many small players and forced even some larger players to rewrite their plans.</p>


As usual, the people who reliably get rich in gold rushes are the ones selling spades - as long as they get paid for them. Contractors are owed around $5m.
cryptocurrency  crash  bitcoin 
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GraphSense
A Scalable Cryptocurrency Analytics Platform built on Apache Spark and Cassandra
Analytics  bitcoin  blockchain  via:hackernews 
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bitcoin  cryptocurrencies 
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After the pump, the dump
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bitcoin 
2 days ago by seatrout

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