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WATCH RELATED VIDEO: NewPac USB Bitcoin Miner - The Power of 1000's Computers

Why China's bitcoin miners are moving to Texas

This story was originally published by Grist and is reproduced here as part of the C limate Desk collaboration. As more miners join the network—lured by the skyrocketing value of the bitcoin they receive in exchange for their work—the puzzles get harder, requiring ever greater amounts of processing power, and thus electricity, to solve.

Bitcoin mining is now estimated to gobble up more electricity than many entire countries. The energy used by the Bitcoin network in a single year could power all the tea kettles in the United Kingdom for over three decades. Proponents of Bitcoin would have you believe that many or even most mining operations are in far-flung locations using renewable energy that otherwise would have gone to waste. Jack Dorsey and Elon Musk, whose respective companies Square and Tesla have invested heavily in Bitcoin, claim the cryptocurrency will actually hurry the green energy transition by steering investment into renewables.

A paper prepared by Square predicts that electricity producers and Bitcoin miners will soon become one and the same. Greenidge Generation, a former coal power plant that converted to natural gas and began a Bitcoin mining operation, is positioning itself as part of the clean energy future. After belching noxious fumes and dumping toxic coal ash into a nearby landfill for seven decades, the plant was poised to be remediated and reused.

After several years of lobbying New York state officials—and some well-timed donations to Gov. When Greenidge applied for permits to restart operations, it claimed it would be generating power to meet existing electricity demand.

By , the plant was no longer producing power for the public at all. In an attempt to claw back the tens of millions that Atlas invested to convert the plant to natural gas, Greenidge turned to mining Bitcoin.

As Greenidge increased its mining capacity last year, there was a corresponding jump in its contributions to global warming. The equivalent of over , metric tons of carbon dioxide were emitted over the course of last year, a volume comparable to putting nearly 50, new cars on the road. In late March, the company revealed plans to merge with Support.

In its announcement, Greenidge said it wants to more than double its mining capacity on Seneca Lake by July—and to double it again by the end of , at which point it will total 85 megawatts.

Greenidge also said that the company plans to replicate its vertically integrated model—cryptocurrency mining at the source of energy production—at other power plants, with a goal of at least megawatts of combined mining capacity by To accomplish that, the company would have to acquire and open at least four other power plants of similar capacity.

Atlas Holdings itself partially owns five power plants in New Hampshire that have more than 1, megawatts of combined capacity. In April, a cryptocurrency mining company called Digihost moved to acquire a megawatt natural gas-fired plant in Niagara County, New York. It could theoretically happen at any aging fossil fuel plant around the country: A source of dirty energy that has outlived its profitability could find a second life as a Bitcoin mining operation.

Although emissions from Bitcoin mining have global consequences, many of the locals opposing Greenidge are equally concerned about its effects on water quality and wildlife. In late March, Phil and Linda Bracht, two of the 30 petitioners on the lawsuit against Torrey, the county planning board, and Greenidge, took me and another petitioner, Carolyn McAllister, out in their boat to get a look at the plant from the water. All three live on Seneca Lake, just a mile from Greenidge.

The first part of the facility to catch the eye is its giant intake pipe, which is 7 feet in diameter and extends further than the length of two football fields from the shore over the water, like an elevated train to nowhere, before dropping below the lake surface. This is where Greenidge can draw up to million gallons of fresh water per day to cool the plant.

Like all thermoelectric power plants, Greenidge uses steam to spin the turbines that produce electricity, but the steam has to be condensed back to water by exchanging heat with the fresh water before it can be reused. Once-through cooling systems like this—where water is used once and then expelled at a higher temperature—require vast amounts of water, with consequences for both wildlife and water quality.

Greenidge is permitted to discharge up to million gallons of water daily at temperatures that range from degrees Fahrenheit in the summer to 86 degrees F in the winter. In recent years, fishers have reported fewer and smaller catches on the lake. John Halfman, a professor of geoscience and environmental studies at Hobart and William Smith College on the northern end of Seneca Lake, says the size of the biggest fish caught in the derby has been steadily decreasing, while the time it takes to make a catch is increasing.

Michael Black, a petitioner and fisherman going on his 50th summer living on the lake, said he used to catch between 60 and lake trout each year from his dock south of Greenidge. While there are multiple reasons fish might be suffering, Black worries that hot water discharges are exacerbating the threats they face. Tiffany Garcia, a freshwater ecologist at Oregon State University, wrote a letter to the Town of Torrey raising similar concerns about the effects of hot water discharges on the larger lake ecosystem.

Residents fear that warmer waters will also increase the likelihood and severity of harmful algal blooms, or HABs, near Greenidge. While the presence of blue-green algae or cyanobacteria is normal in lakes, a small number of these organisms produce potent toxins that can be dangerous or even fatal for people and other animals.

Under the right conditions—which include lots of sun, still water, and, crucially, heat—these algae can explode in vast, dangerous blooms that are becoming increasingly common in the U. Gregory Boyer, the director of the Great Lakes Research Consortium at the State University of New York, studied the effect of artificially increasing water temperature by just 2 degrees on Lake Champlain.

That small change resulted in a surge of bacteria growth, with toxic species of bacteria increasing to a greater degree than nontoxic species. In earlier lawsuits challenging permits the DEC issued to Greenidge, Boyer submitted affidavits on behalf of local environmental groups saying that the large discharges of heated water from Greenidge could increase HABs in the area and should be studied further.

Gary McIntee, who lives just south of Greenidge, told me that the water flowing down the Outlet is often flush with nutrient-rich runoff from farms as well as discharge from a wastewater treatment plant upstream, creating an ideal mix for HABs. HABs would render their only source of running water unusable. As the DEC points out , not even boiling, chemical disinfectants, or water filters will protect people from HABs and their associated toxins.

HABs can also overwhelm industrial water filtration systems , temporarily rendering public water undrinkable. And as winemaker Vinny Aliperti pointed out, algal blooms keep the tourists away. Greenidge Generation vigorously denies that its plant is having an adverse impact on the environment. Those drives, however, can be turned off whenever the plant needs maximum water flow.

Greenidge also affirmed that it is on schedule to install protective screens by However, although there are specific fishing regulations upstream from the Greenidge discharge canal, the lower part of the Outlet is also a designated trout stream ; this explanation also does not account for the trout that live in Seneca Lake itself.

However, as Boyer told me, the number of HABs was down across the region in , likely because of high winds over the summer. Finally, Greenidge reiterated that its activities are all within the limits set by its permits from the DEC and the U.

In March , the plant hired McKeon, a lobbyist at Mercury Public Affairs and the founder and former executive director of Republicans for Cuomo, which organized bipartisan support for the now-governor during his first run for the office.

Environmentalists have repeatedly challenged this decision in court. Instead, the question should be: Is the plant more harmful than no plant at all? For example, since the DEC has recommended new and repowered plants use so-called closed-cycle cooling, in which cooling water is recirculated through the plant instead of discarded, significantly reducing wildlife mortality from impingement and entrainment, as well as the volume of hot water discharges.

Of course, that was before the plant started mining hundreds of thousands of dollars worth of Bitcoin every day. So somebody is greedy. At the end of April, the Town of Torrey gave the company a green light to build four new buildings to house additional Bitcoin-mining hardware. Before leaving town, I spent some time on the Keuka Outlet Trail. It follows the stream that connects Keuka Lake to Seneca Lake, running over an old railway, and ends near the Greenidge property line, which is posted liberally with no-trespassing signs.

The stream used to power an industrial thoroughfare. In there were seven gristmills, 14 sawmills, an oil mill, four carding machines for processing wool and other fibers, as well as multiple distilleries. A nonprofit has since transformed the area into a nature retreat with a wide gravel path for walking, running, and biking, well-situated benches for moments of quiet repose, and water access for fishing or boating.

This could have been the fate of an old coal-fired power plant on Seneca Lake, which in its later years produced energy people rarely needed and was too costly to run at a profit. Nearby residents might have breathed easier, and there would have been one less threat to Seneca Lake and the animals and people who depend on it. Jillian Ambrose. Kevin Drum. Emily Atkin. Ryan Little and Ari Berman. Noah Y. David Corn.

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Measuring mining rig electricity use

Wherever you are in the world, the chances are that a large portion of your utility bill is for heating. This was certainly the case for [Christian Haschek], who realized he can use a cryptocurrency mining rig to offset some of his heating costs. When it draws in cool air, it first needs to heat it to the thermostat temperature before venting it to the house. Cryptocurrency mining rigs are also heavy electricity users, but they also produce a lot of heat, which can be used to preheat the air going to the heat pump.

Smart power supplies will add a little cost your ROI equation, but in my opinion not enough to outweigh the benefits. Modular Mining Power Supplies Rule.

How To Remote Control ANY Mining Rig | SHELLY Wifi Switch | All Miners MUST Know

Ethereum mining rigs can cost a fortune, particularly in power costs. Fortunately, it's possible to create a DIY mining rig that uses very little power. This article explains how to build your own cheap Ethereum mining rig. It mines at around 42 megahashes per second MhS using watts of power. That's around 4. Unfortunately, they both cost hundreds of dollars and are priced out of reach of most small-time miners. On top of that, they're useless for anything other than mining. For those who don't have the money to build a high-end miner, you are best off using a low-cost, high-efficiency mining rig. Both design styles end up looking very similar to one another. That's because cryptocurrency mining focuses on two parts: the graphics card and the power supply.

Is it Smart to Mine Cryptocurrency on a Laptop?

smart outlet for mining bitcoin

Thanks to an increase in profits due to demand for GPUs capable of mining cryptocurrency, Asus has reportedly handed out considerable bonuses to employees. The report adds that the company was reportedly so pleased with soaring revenues and profits amid a worldwide GPU shortage that it went a step further beyond solely awarding bonuses. There were apparently on-site rewards that saw employees receiving cars and cash prizes. However, the company also offers a range of products in the graphics cards market. Due to the ongoing GPU shortage that initially materialized because of the pandemic, demand has substantially outweighed supply.

This story was originally published by Grist and is reproduced here as part of the C limate Desk collaboration.

How To Setup An ASIC Bitcoin Miner In 3 Easy Steps

Cudo Miner is packed with features to ensure you get the most out of your mining. Mine the most profitable coin of your choice and get paid in any of our four payout coins. Already have an account? Click here to Login. Automatic algorithm switching ensures you always mine the most profitable coin. Cudo Miner continuously scans the coin value and difficulty, automatically switching your mining efforts to provide the highest profitability at any given time.

Is Bitcoin Really As Bad For The Environment As Some Think?

Building out a warehouse to mine crypto currency. After searching for weeks for a reasonably priced space I found a cheap warehouse and the landlord allow me to alter it for crypto mining. It was in a rough area and it was a mess inside due to the previous tenant leaving his belongings behind. This space had poor electricity 80 AMP 3 phase power and no air flow. However the price was right allowing me to still make a monthly profit so I was determined to make it work. This 80 AMP 3 phase panel was a mess and it was definitely not up to code. After I cleaned the space I started moving in.

Insert one end of the Ethernet cable into the router and the other end into the slot shown in the following image, you should plug in the miner.

Asus gives big bonuses based on demand for crypto-mining GPUs

The purpose of this project is to use a ESPbacked WeMos chip and a 2-relay interface board inside an extra-deep single-gang box to create a smart electrical outlet. I occasionally mine bitcoin when I have electricity included in my rent. My bitcoin miner uses watts—that's a lot!

Bitcoin mining uses so much power that it may well turn into an environmental disaster. We recently noted that mining bitcoins uses a lot of electricity to run its "proof of work" algorithms that protect it against fraud. The Guardian's Alex Hern explains:. The answer to that is pretty straightforward: Yes, this is theft and it is unlikely that Tesla will put up with it for long.

There are a lot of variables at play when it comes to maximizing the success and profitability of your crypto mining efforts, from knowing what to mine and how to mine it , to minimizing the cost and maximiz ing efficiency of your operation. Devices need to be optimized and sometimes upgraded in order to keep up with shifts in the mining landscape.

Nexo bank license. In just the past hour, the price shrunk by 1. Revolut vs. Smart Contract Cover is not a contract of insurance. Go to self. Beyond traditional crypto interest, Celsius Network also includes the opportunity to earn interest on gold. Visit: Nexo.

China's ban on cryptocurrency mining has forced bitcoin entrepreneurs to flee overseas. Many are heading to Texas, which is quickly becoming the next global cryptocurrency capital. When China announced a crackdown on bitcoin mining and trading in May, Kevin Pan, CEO of Chinese cryptocurrency mining company Poolin, got on a flight the next day to leave the country. Headquartered in Hong Kong, Poolin is the second largest bitcoin mining network in the world, with most of its operations in mainland China.

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  1. Fejar

    But I will say, for the edification of posterity,

  2. Silas

    It seems remarkable idea to me is