What?! There’s A Power Plant Making How Much With Crypto?

What?! There’s A Power Plant Making How Much With Crypto?

Sometimes cleverness results in a lot of money. In an interesting development, a power plant nearby Dresden, New York worked out that they could put some of their massive electrical output into doing something that regular miners, some operating even out of their own house, could never do: power 7000 mining rigs at once. And, as one can expect, that’s producing a lot of crypto. About five bitcoins, which, at least at the current rate before halving kicks in, is worth around 50k.

That’s per day.

Though the power plant previously only ran during certain seasons, this boon is making it so they keep going all year—and understandably so.

However, this happening is a little problematic, perhaps, for the future of crypto. Decentralization is harder to maintain when large groups can put out this much hardware and electricity behind their own mining, and others can’t.

But, on the flipside, being more positive, it might be beneficial. Mining needs to be spread out enough to avoid a hoarding of power, yes, but this might herald a future of many smaller but dedicated groups and organizations putting power towards widescale use of crypto. The upscaling of transactions has to be processed somehow.

By |2020-03-11T04:03:34-05:00March 12th, 2020|DFN COLUMNIST|0 Comments

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