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Bitcoin backlash as ‘miners’ stress power grids in Central Washington

seattletimes.com

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Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#61

Post by ggggtez »

bdcravens wrote: post #54
mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

I realize it's easy to speak in a derogatory manner about something we don't like and hope it will go away, but I think that ignores the reality: for now, and for several years, a lot of people have made a lot of money. It may be an opportunity, or it may be a problem that needs addressing, but after 9+ years, I think there comes a point where it's no longer a sinkhole.

That's not how bubbles work. It can still be worthless snakeoil even if someone pays you for it.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#62

Post by aphextron »

amorphid wrote: post #29

At what point will miners just start building there own power plants? And I wonder if environmental concerns will start forcing good and/or bad regulations of crypto mining.

Plenty of them are. There are massive hydro facilities in China.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#63

Post by syshum »

dullgiulio wrote: post #34
stephengillie wrote: post #28

Earlier quoted context omitted.

Indeed, my first thought for how to exploit is already covered in the article: > In other cases, utility crews responding to unusual spikes in power usage have found racks of remotely controlled servers whirring away in empty apartments. House and apartment rental and sale prices are lower than the Seattle area as well. You could rent a 1 bedroom apartment as a "weekend getaway studio with attached server room". One…

Well, aren't there laws that regulate the usage of buildings? Where I live (EU) you definitely cannot host mining racks in living premises. Just to get the higher power links you get questions asked.

Yes, In America we still have freedom... ;) So no the government will not regulate if I have 42U rack (like do right now behind me as a Homelab no mining)

Getting more power to your place is between the power company and property owner not the government, I can get as much power feeds as the power company will sell me, and generally they will only ask question related to saftey. Want 400amp service to your Garage, no problem 99.9% of the time

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#64

Post by slivym »

bdcravens wrote: post #54
mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

I realize it's easy to speak in a derogatory manner about something we don't like and hope it will go away, but I think that ignores the reality: for now, and for several years, a lot of people have made a lot of money. It may be an opportunity, or it may be a problem that needs addressing, but after 9+ years, I think there comes a point where it's no longer a sinkhole.

I think that is a really bad line of logic. There are lots of things that have been around for a long time and make some people plenty of money that are bad things. Pyramid schemes fit your definition - should I start buying in?

The opposite way to pose this is: Cryptocurrencies have been around for 9+ years, and there has been literally 0 use for it apart from conning rubes on the internet. The important thing to ask is whether it has a purpose and has it delivered on that purpose. There's really only one theoretical purpose that it's meant to serve - being free from tyrannical government. Well that kind of worked when capital fled into it from China - but there's also been crack downs. It also doesn't explain the US fascination.

I think there comes a point where 9 years in, you have to ask: What purpose does cryptocurrency serve beyond enriching people who are already invested.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#65

Post by jesusthatsgreat »

mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

What makes an investment in 'this Bitcoin crap' any different from an investment in say Facebook shares or Snap shares? Aren't they just unnecessary digital crap too that nobody actually needs?

Bitcoin has become the gold standard for crypto and many people invest on the basis that there'll be huge growth in the area of blockchain technology and tokenised digital assets in the years to come.

If Bitcoin remains the gold standard for crypto then it's value will rise accordingly.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#66

Post by syshum »

bdcravens wrote: post #58
mondoshawan wrote: post #35

I don't quite understand something: why are the terms "unpermitted", "unauthorized", and "bootleg" used in the article? When I signed up with Seattle Public Utilities, I didn't sign an agreement saying I wouldn't mine or run servers out of my apartment.

Your apartment lease likely has restrictions on business use.

That would be between the landlord and the tenant not a government, generally when people talk as they do in the story they are talking about violation of government regulations not civil contracts

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#67

Post by imh »

matthewaveryusa wrote: post #47
mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

Well now you know what the market cap is for snake oil. For the first time we've gotten a clear view of the market size -- and with that kind of size there's no doubt this won't be the last one.

It's not exactly snake oil because you used to be able to buy thinks with it. It's just become snake oil. Maybe that's pedantic, but I don't think it would have become large if it hadn't initially been on a path towards being useful as a currency.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#68

Post by slivym »

mondoshawan wrote: post #35

I don't quite understand something: why are the terms "unpermitted", "unauthorized", and "bootleg" used in the article? When I signed up with Seattle Public Utilities, I didn't sign an agreement saying I wouldn't mine or run servers out of my apartment.

Running industrial equipment off your local residential power grid is both against the terms and conditions of every power company under the sun and also incredibly stupid to do.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#69

Post by syshum »

mondoshawan wrote: post #44
oh_sigh wrote: post #37

Earlier quoted context omitted.

Keep reading after 'unpermitted', and the answer right there in the article: "...running computer servers far too large for the electrical grids of residential neighborhoods"

I read the article past that statement, but saw no reference to regulation or ToS that states this is a violation of any statute or local law -- "far too large" is what, exactly? My problem with that statement is that it doesn't actually answer the question -- it smacks of journalistic supposition and no root facts. I can run two refrigerators, two freezers and an AC unit all day and night and push myself into the to…

Well you see, "server power" is different than "Freezer Power" .... /s
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