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posted by cmn32480 on Tuesday April 17 2018, @06:04PM   Printer-friendly
from the community-brownout dept.

Here's a month-old article from Politico Magazine about the big business of cloudscale blockchain minery in the better 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 techie from Seattle and had just discovered this sleepy rural community.

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.

[...] As bitcoin's soaring price has drawn in thousands of new players worldwide, the strange math at the heart of this cryptocurrency has grown steadily more complicated. Generating a single bitcoin takes a lot more servers than it used to—and a lot more power. Today, a half-megawatt mine, Miehe says, "is nothing." 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. Miehe knows of substantially larger mining projects in the basin backed by out-of-state investors from Wall Street, Europe and Asia whose prospecting strategy, as he puts it, amounts to "running around with a checkbook just trying to get in there and establish scale."

It's pretty long for an internet article but it's got pictures.


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  • (Score: 2) by c0lo on Wednesday April 18 2018, @07:52AM (3 children)

    by c0lo (156) Subscriber Badge on Wednesday April 18 2018, @07:52AM (#668488) Journal

    Sure, it'll end in tears. Just don't let pension funds dump into it and we'll be fine.

    A fine example of "efficient allocation of resources", right? Because tears are so precious a commodity.

    Meanwhile, the fuck with the science and R&D, those are a penny-a-dozen, let them fuckers pay through their nose for quadruple GPU prices cause increased demand for cryptocoin mining. After all, those fuckers can contribute now with some tears.

    (grin)

    --
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  • (Score: 1) by khallow on Wednesday April 18 2018, @11:11AM (2 children)

    by khallow (3766) Subscriber Badge on Wednesday April 18 2018, @11:11AM (#668513) Journal

    Meanwhile, the fuck with the science and R&D, those are a penny-a-dozen, let them fuckers pay through their nose for quadruple GPU prices cause increased demand for cryptocoin mining. After all, those fuckers can contribute now with some tears.

    Or the science and R&D projects can wait a couple of years for prices to go down.

    • (Score: 2) by c0lo on Wednesday April 18 2018, @12:15PM (1 child)

      by c0lo (156) Subscriber Badge on Wednesday April 18 2018, @12:15PM (#668537) Journal

      Why only a couple of years? For instance, climate science can be shut down forever.

      (grin)

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 1) by khallow on Wednesday April 18 2018, @12:40PM

        by khallow (3766) Subscriber Badge on Wednesday April 18 2018, @12:40PM (#668545) Journal

        For instance, climate science can be shut down forever.

        Shut down by mildly more expensive computer components? I think you overestimate their chances!