Bitcoin backlash as ‘miners’ stress power grids in Central Washington
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Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#2Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates.
But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes it harder to keep local rates low. Further, because much of the surplus is currently committed in long-term contracts, supplying miners with all the megawatts they want might require the utilities do something virtually unprecedented: buy power on the open market, at prices far above what locals have come to expect.
Solution: pass a law to charge miners export prices. It’s not as though Bitcoin mining helps the local economy, so you either return revenues to pre-mining levels, or drive the leeches out. Either outcome is equivalent.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#3Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#4Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Solution 2: don't subsidize prices. Problem solved.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#5Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.
Agreed, they should just straight up cut off power to miners if they want them to go away.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#6Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.
Everything looks like a nail when you've a hammer in your hand.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#7Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
There might be a challenge in wording the law properly. Miners might claim they are “content creators” or “scientific labs” to avoid the law, leading to protracted litigation.
But yeah, raise the prices I say.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#8Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.
What are the other solutions?
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#9Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…
Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.
Because when you live in a "civilised" society such as ours, an individual has no power outside of asking those with power to do things for us.
Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington
#10Subsidising energy prices for local consumers based on export revenues is widely practiced but is bad policy. The utilities should charge market rates for consumption and cut local rate-payers a cheque annually using a scheme that encourages energy saving practices.