Current Events > The WORLD's LARGEST Bitcoin Mine Begins Construction in Texas.

(+) Yeah! (+)

https://www.globalcryptopress.com/2024/02/the-worlds-largest-bitcoin-mine-begins.html

Thats what our shitty power grid needs gonna raise energy prices aswell

Why do they build these in Texas anyways? I can't imagine the heat, poor power grid, or numerous other problems are good for something like this?

itachi15243 posted...

Why do they build these in Texas anyways? I can't imagine the heat, poor power grid, or numerous other problems are good for something like this?

Low taxes little regulation tons of empty space easy to abuse workers

dont forget cheap energy prices

itachi15243 posted...

Why do they build these in Texas anyways? I can't imagine the heat, poor power grid, or numerous other problems are good for something like this?

Because my governor literally invited them to the state without any regulation and hopes that in their vast benevolence if their energy usage from mining starts to strain the grid, they will magnanimously and selflessly, as all capitalist's are known to do, stop operations for the benefit of the grid.

Yes, it's the dumbest shit ever.

wonder if they'll put a bunch of solar panels around so they don't have to rely on the texas power grid

Kradek posted...

Because my governor literally invited them to the state without any regulation and hopes that in their vast benevolence if their energy usage from mining starts to strain the grid, they will magnanimously and selflessly, as all capitalist's are known to do, stop operations for the benefit of the grid.

Yes, it's the dumbest shit ever.

Fuck, that's messed up, especially after that horrible power outage during winter a couple years back ( -_-)

People are going to die for Crypto Bros.

smh

So, bitcoins are finite right? What happens once they mine all the bitcoins.

itachi15243 posted...

Why do they build these in Texas anyways? I can't imagine the heat, poor power grid, or numerous other problems are good for something like this?

State of Texas agrees to pay them to shut it off during shortages.

What a tremendous waste of heat cycles.

Cephalopods posted...

So, bitcoins are finite right? What happens once they mine all the bitcoins

Is there a projected date for this?

Cephalopods posted...

So, bitcoins are finite right? What happens once they mine all the bitcoins.

Not from what I'm remember. It just becomes logarithmically harder to mine to the point that there is an effective cap.

And more hot potato-ing around until the market crashes because the pollution has successfully killed of humanity.

On top of the upkeep and energy cost Ive literally never heard of these mines making money.

These Things frankly are the ultimate resource sinks.

Is this the revolution crypto bros promised?

Kradek posted...

Because my governor literally invited them to the state without any regulation and hopes that in their vast benevolence if their energy usage from mining starts to strain the grid, they will magnanimously and selflessly, as all capitalist's are known to do, stop operations for the benefit of the grid.

Yes, it's the dumbest shit ever.

More specifically, the state of Texas will literally pay them fuck loads of money to turn off operations when the grid demand is high. Such large amounts that it becomes a significant portion of their profits compared to the actual mining operations (which become more costly every year as bitcoin becomes "rarer" to mine).

Who wouldn't want to set up operations in a state that will literally pay you lots of money to NOT work?
(Ironically, conservatives hate the idea of UBI)

What a joke.

streamofthesky posted...

(Ironically, conservatives hate the idea of UBI)

Naw, they just hate it when poor people get free money. If you can buy a power plant you are rich and they love you.

I'm sure Texas' independent power grid will greatly appreciate it

Cephalopods posted...

So, bitcoins are finite right? What happens once they mine all the bitcoins.

The rewards from mining come from two sources - one of these is indeed new bitcoins, and the amount of these from mining reduces over time until eventually reaching zero, which will be when 21,000,000 bitcoins (or might be some other amount of zeros at the end, I don't recall for sure) have been created this way.

The other source is from transaction fees on transactions made since the last successful mine. Those will always still be around; the intention was that by the time new bitcoins from mining reaches zero, the Bitcoin from transaction fees will be sufficient incentive to keep people mining.

This is a bit oversimplified but should get the point across.

itachi15243 posted...

Why do they build these in Texas anyways? I can't imagine the heat, poor power grid, or numerous other problems are good for something like this?

https://www.texastribune.org/2024/01/03/texas-bitcoin-profit-electricity/

When the news broke that Bitcoin mining company Riot Platforms made $32 million by reducing or being willing to reduce if needed its energy use last August in Texas, the outrage was immediate.

The states grid operator had frequently asked Texans to conserve electricity during sweltering summer heat, and many saw their power bills soar as they tried to stay cool. Meanwhile the state grid operator and an electricity provider effectively gave millions to a company whose industry is notorious for using gobs of electricity.

Riot made that giant sum of money because of how the states electricity market is designed. Companies that use large amounts of power, such as manufacturers or petrochemical plants, have long profited in similar ways.

Remember crypto? It's back! But tragically not in pog form.