Bitcoin Mining Shifting Back Towards West As Chinese Power Subsidies End

in #bitcoin7 years ago (edited)

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War is breaking out in Washington state. A very civilized war, based mostly around numbers...numbers of megawatt usage...and hydroelectric dams.

Enter East Wenatchee, a city in the Columbia river valley-region of Washington State. Owing to an abundance of hydroelectric power thanks to the aforementioned river, megawatt-hour rates are very affordable in Columbia. Affordable enough to have been attracting miners almost since the beginning of the Bitcoin mining boom.

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Obligatory price update chart. Another ugly night.

As reported by Politico, power devoted to commercial miners is already sucking up 30 megawatts a day, or as much as 13,000 homes. Politico further goes on to predict that by the end of 2018, this are in Washington could account for between 15% and 30% of all worldwide Bitcoin mining.

Politico related an amusing anecdote where foreign (Asian) "businessman" on some sort of "tour" of the hydroelectric dam requested to speak with the "dam master" so they could arrange "buying some electricity."

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Here you can see the distribution of rewarded BTC, per Bloomberg.

As I reported last week, power-related squabbles pertaining to Bitcoin mining are only increasing as of late. Shared power resources are a bit like a "take a penny, leave a penny" tray - and Bitcoin miners have found how to take most of them while not leaving any. Call it a loophole, or against the "spirit" of public utilities - but until something legal is changed, this is really no different than you deciding to power a pointless collection of electronic collectibles. The only real difference is that these "power seekers" are engaged in a profitable venture, as opposed to simply wasting their energy on hot tubs and outdoor track lighting.

I'm sure that won't prevent the creation of new "regulations" to control these entrepreneurs. We wouldn't want anyone experiencing any upward financial mobility, now would we?

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Sources: Google, CoinTelegraph, Politico, ZH
Copyright: Politico, Live Bitcoin News, Bloomberg

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not very profitable when the price is this low

depends on how you do it.
mine, HODL and when prices rise into profit sell.

Ya mine too but it still feels a lot better when the price is higher

I work for a power company in Washington, I’m a High Voltage Lineman. Bitmain has contacted us and wants 30 megawatts. We are just waiting for them to sign the contract. Also another mining company wants to lease 3 arces and they want another 10 megawatts.
Bitmain wants a total of 200 megawatts but we are u sure how to get that to them.
We need more POWER!!

I'm glad to here that some are treating this like an opportunity, or technological advancement, rather than a "problem"! Cheers.

Exactly. This will create a bunch of work upgrading major transmission lines and infastructure. I see it as a big win win

When I was loving in Seattle 10 years ago they were having issues exporting power due to infrastructure limitations. Glad to see a power intensive industry is moving in to take advantage of the cheap power surplus!

That't pretty interesting. I always hear that they mine with their antminers before releasing it for sale to the public but thought it was just a conspiracy theory. Now that sounds more plausible.

chinese are heavily investing on quantom computing and that's where one side defeats the other. It wont be about power consumption only anymore

thanks for the information

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thanks for the invitation

What do you agree with? This will get you nowhere.

Yes but I agree for your work and the info

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What do you agree with? This will get you nowhere

https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)

Come after every hour and play as much you play as much you earn

Good Luck

Really good news. Chinese have enough already. Was unfair but Russia still has Bitcoin farms in Siberia with no electricity costs or lower than normal costs.

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I agree Good Job Broo

bitcoin mining is really incredible