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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

#81

Post by mythrwy »

jMyles wrote: post #51
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 think bitcoin is kinda dumb too, but I do have some confidence in blockchain tech generally based on its history so far (ie, the good parts of bitcoin). > I don't know where to begin with this Bitcoin crap Begin by addressing the actual strengths of blockchain tech (I think the weaknesses are fairly stated in this thread). So far, in its short life, it has provided: 1) A store of value that can be easily held on th…

A set of objective financial rules into a place full of whim, abuse, corruption and stupidity.

And that idea is pretty powerful (even if the manifestations thus far still seem to be pretty much the above as well).

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

#82

Post by pm24601 »

Commentators talking about solutions.

There are already solutions in the article:

> The three PUDs have been experimenting with policies that force miners to shoulder these extra costs and risks, while insulating ratepayers and the utilities themselves.

>1 .Chelan County, for example, created a special rate for miners and other so-called “high density loads,” or HDLs, back in 2015, that was effectively twice the residential rate.

> 2. Douglas County, meanwhile, began requiring miners to pay up front for any new infrastructure.

> 3. Grant County PUD is establishing special rates applied to companies “whose primary revenue stream is evolving and unproven” and whose product is “vulnerable to extreme value fluctuations.”

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

#83

Post by joejerryronnie »

jMyles wrote: post #51
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 think bitcoin is kinda dumb too, but I do have some confidence in blockchain tech generally based on its history so far (ie, the good parts of bitcoin). > I don't know where to begin with this Bitcoin crap Begin by addressing the actual strengths of blockchain tech (I think the weaknesses are fairly stated in this thread). So far, in its short life, it has provided: 1) A store of value that can be easily held on th…

I think you're underselling Pokemon.

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

#84

Post by briandear »

syshum wrote: post #63
dullgiulio wrote: post #34

Earlier quoted context omitted.

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…

Why is this being downvoted? Are there people on HN that actually think the government should tell people what they can do in the privacy of their own home? What a bunch of totalitarians. Perhaps the government should be able to dictate who people can sleep with or what media they are allowed to consume. Why are there so many people comfortable with letting governments dictate freedoms when those freedoms aren’t harming anyone?

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

#85

Post by briandear »

slivym wrote: post #64
bdcravens wrote: post #54

Earlier quoted context omitted.

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 as…

Who cares? If people want to play in Bitcoin, what difference does it make. Nobody is being forced.

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

#86

Post by twblalock »

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…

It reminds me of Pogs.

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

#87

Post by stordoff »

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.

If on a domestic connection, they may be referring to:

> Where a portion of a dwelling is used regularly for the conduct of business or where a portion of the electricity supplied is used for other than domestic and incidental farm power, service may be supplied on this Schedule, provided the energy used is in accordance with the regulations defined in Sections 43 and 44 of the District’s Utility Service Regulations. If not, energy shall be billed on General Service Schedule 2.

https://www.chelanpud.org/docs/default-source/default-docume... (I don't believe the Section 43/44 exception applies, as it is discussing temporary service per https://www.chelanpud.org/docs/default-source/default-docume...)

For miners that have negotiated a non-residential supply, there are additional terms that apply (e.g. HIGH DENSITY LOAD Schedule 35) that the miners _may_ not be complying with.

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

#88

Post by briandear »

jimnotgym wrote: post #41
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…

Whilst I agree that it is a sinkhole, I also hold a fraction of a bitcoin just-in-case I am totally wrong! I don't want to say to my kids, "in my day you could still buy a bitcoin for only $7k."

The other side is that you paid $7,000 for a pet rock.

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

#89

Post by Sir_Substance »

slivym wrote: post #64
bdcravens wrote: post #54

Earlier quoted context omitted.

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 as…

>Cryptocurrencies have been around for 9+ years, and there has been literally 0 use for it apart from conning rubes on the internet.

That's weird, I've been using it to buy stuff off amazon and aliexpress. Am I a conned rube?

Does that mean Visa is conning rubes as well?

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

#90

Post by briandear »

tw04 wrote: post #72
Rjevski wrote: post #45

Earlier quoted context omitted.

If you consume more power than what the electrical company can supply your main breaker will trip. Unless those people are bypassing breakers I don’t see what’s the big deal. If the electrical company tells you that you can draw 20A and gives you a 20A breaker then you should be allowed to use it.

That's not even remotely accurate. Power companies oversubscribe just like everyone else. That's why they give you a discount for hooking up a device on your air conditioner they can remotely control during peak times to even out power usage. Also why you hear of rolling outages during extremely hot summer weather when everyone has their ac on at the same time. That's why they have a different service for business us…

That problem doesn’t exist in Washington State.
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