In case you’ve missed this…
by Mitch Troutman
It’s happening again. A few months ago, Talon Energy announced it is building a bitcoin mining facility onto the Berwick nuclear power plant. Now, a bitcoin mining company has bought the coal-fired power plant in Nesquehoning, outside Jim Thorpe.
I knew this was happening in poorer countries and ignorantly assumed it wouldn’t happen here. Bitcoin (and other cryptocurrencies) is anonymous, ultra-secure digital money that was intended to subvert government-controlled currencies like the dollar. Instead, it has become a high-stakes gambling market. Crypto’s backbone is a world-wide network of computers used to solve purposely-complex equations, called “mining”. Baked into its DNA is that every new transaction requires more computer power than the one before it. As of July, a single bitcoin transaction required enough electricity to power the average home for 2 months. These transactions happen 240,000 time every day.
The margins on bitcoin “mining” are…
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Yip Abides 