Topic: [2018-1-11] CNBC: Bitcoin mining epicenter found in rural Wenatchee, Washington (Read 115 times)

I do agree with you that mainstream media always opt to report on Bitcoin negatively, instead of outlining the potential of crypto currency in solving many issues that are present in financial systems nowadays. The media bias is frustrating.

But on the electricity front, I am concerned for Bitcoin. The consumption of electricity by other industries provides benefits to society and in most cases tangible goods. The electricity spent on Bitcoin is spent on hashing for the generation of a virtual currency, and it is only because the Bitcoin code demands it to be done this way, the generation of certain altcoins is much more power efficient. The amount of mining is increasing exponentially, according to blockchain.info we are at 16,612,036 th/s, we were at 2,830,308 th/s a year ago. Do you not see the dangerous trend here? A year from now Bitcoin mining could prove to be a major strain on electricity networks, and if not regulated it will increase the price of electricity for everyone. We will see it on a micro scale in a place like Wenatchee, as the influx of mining in that town will certainly increase the electricity cost from 4 cents, and residents that lived their whole life there ain't going to be happy.

Is a very serious subject, but it makes me laugh, the days before I saw some videos on the yotube about genesis mining. The reporter was taken to the mining company blindfolded. it seemed she was being kidnapped, when in fact she was going to visit where the mining equipment of genesis mining is.

At first I did not understand, why she was blindfolded? I thought she was blindfolded not to know the location of the mining equipment of genisis mining so she would not steal these mining equipment.

After a few minutes it was when I realized that she was blindfolded, to not know the location of the equipment because she would not be able to report the police


This is a serious problem, mining bitcoin consumes a lot of energy and many mining companies no have license

It is necessary to regulate this sector in order to safeguard the rights of mining workers, to pay taxes, to benefit from a special tariff on the cost of electricity ( if possible)

Its removing the links, guess CNBC is suspicious.

All of the links are on the company that's running the mining operations website:
http://www.salcidoenterprises.tech/news/

A few things surprised me about this coverage:

How cheap electricity can be in the States. I am part of a small mining operation in Siberia, Russia, and we pay 4.5 cents per kilowatt. In Wenatchee it works out to about $40 per month to power an S9 miner...

How transparent and open the coverage on these farms is. Here we had RT contact our farm operator to film the mining center, but in the current state of things it would be highly unwise to let media in. No government consensus on the matter means that the government could come knocking on our door the next day and tell us to wrap it all up and issue us a fine for running unregulated (therefore untaxed) mining operations.

This is a typical example of CNBC type reporting on Bitcoin. They mask the Click Bait article with something that looks positive and then you look between the lines and you see that they are pushing a negative agenda.

You always have to look for the thorns in their reporting on Bitcoin. ^grrrrrrr^

Did they mention anything about the other industries and how much electricity they use and how much they are contributing to the local economy, compared to Bitcoin?

CNBC's Michelle Caruso-Cabrera goes behind the scenes at a bitcoin mining operation in the U.S.

https://www.c[Suspicious link removed]m/video/2018/01/11/bitcoin-mining-epicenter-found-in-rural-wenatchee-washington.html?play=1

Some more videos from Salcido mining farm:

https://www.c[Suspicious link removed]m/video/2018/01/11/why-cheap-electricity-is-important-to-mining-bitcoin-salcido-enterprises-ceo.html

https://www.c[Suspicious link removed]m/2018/01/11/wenatchee-washington-and-the-bitcoin-gold-rush.html

https://www.c[Suspicious link removed]m/video/2018/01/11/inside-a-bitcoin-mine.html

https://www.c[Suspicious link removed]m/2018/01/11/cryptocurrency-mining-puts-electrical-grid-of-small-washington-state-county-to-the-test.html

The cryptocurrency craze is helping many people rake in money, but it is also putting pressure on the electrical infrastructure of a small county in Washington state.

"Our infrastructure is actually being put to the test. We're full," Ron Cridlebaugh, the Port of Douglas County economic development manager, told CNBC's Michelle Caruso-Cabrera on Thursday.

Electricity in Washington state is considerably cheaper than in most places in the U.S. The average electricity price per kilowatt in the state is 4 cents. The national average is 7 cents.

Cryptocurrencies such as bitcoin and ripple have skyrocketed in value recently. Last year, those digital currencies surged 1,500 percent and 35,000 percent, respectively.

People have been trying to get in on the action by purchasing these digital assets or by "mining," or creating, them. But the mining process requires a lot of electrical power as computers process gargantuan amounts of data.

Cridlebaugh said the county is building out 100 megawatts (100,000 kilowatts) of infrastructure just in data centers to keep up with demand. "It's going to take some time to catch up because growth has been so quick."