Crypto farm mining university

Asia correspondent chesh. From the outside, it looks like the sort of huge industrial site typical of West China. A dry, dusty corner of the country where 3, people are at work. But beyond the security gates at the main entrance, behind a padlocked and guarded door, is something entirely different: a secret Bitcoin mining farm.

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Content:

• Elon Musk wants clean power. But Tesla’s carrying bitcoin’s dirty baggage
• One for the gamers: Crypto mining farm perishes in conflagration in Thailand
• The debate about cryptocurrency and energy consumption
• A teenager and his sister say they make $35,000 a month by mining Bitcoin
• The Present and Future of Crypto Mining in Kyrgyzstan amid Energy Crisis
• ‘Great mining migration’: Power-hungry Bitcoin leaves China
• This 19-year-old earns $54,000 a year mining bitcoin as a full-time job — here's what it's like
• Iceland is a bitcoin miner’s haven, but not everyone is happy
• First Look as Adam Weitsman Sets Up Owego Crypto Mining Farm

WATCH RELATED VIDEO: Crypto Mining Farm at Apartment - January 2020 Update

Elon Musk wants clean power. But Tesla’s carrying bitcoin’s dirty baggage

Three natural gas-producing sites in southern Alberta could host "up to one million" bitcoin mining machines relocated from China under a deal proposed by Nevada-based Black Rock Petroleum Company amid Beijing's ongoing crackdown on cryptocurrency production and trading. Bitcoin is a digital currency that can be sent between users without the need for a central bank, leveraging blockchain technology to maintain a decentralized ledger of transactions. Bitcoin's value has spiked in the last year.

The process of unlocking new bitcoin to add to the existing supply is called "mining. No timeline for the deal was immediately announced, though the contract term for using the natural gas sites is listed as 24 months, according to a press release from Black Rock Petroleum Company.

Earlier this year, Chinese authorities cracked down on bitcoin mining due to apparent environmental concerns and other issues, ordering miners to shut down. Up to one million mining machines, or rigs, entering Alberta would represent a significant chunk of China's prior total mining capacity, experts say, with major impacts in energy consumption in the province.

Alex de Vries, a researcher and economist who runs the cryptocurrency analytics website Digiconomist, said the move to Alberta would represent a multi-billion dollar investment using fossil fuels as a power source.

As of Aug. It's difficult to definitively determine how many computers make up the global bitcoin mining network; de Vries pegs that number at around three million. In other words, the one million machines supposedly destined for Alberta could represent around a third of global mining capacity.

Though he's skeptical of the "astronomical" figures proposed in Alberta, Brandon Arvanaghi, a U. They've raised more money, they've procured more power, they've gotten more land, and they're ready to scale up," Arvanaghi said. Bitcoin processors can connect to the electricity grid or directly to an energy producer, such as a natural gas plant, to power their computer network.

While bitcoin miners tend to gravitate toward the cheapest sources of electricity, Arvanaghi said there are benefits to natural gas producers, too. Certain bitcoin mining companies utilize flare gas from oil drilling, saving it from being burned. Black Rock Petroleum Company, not to be confused with BlackRock, the giant New York-based investment firm, said in a release that the first , mining units would be hosted at the Quirk Creek gas plant, located near the southwestern hamlet of Millarville, Alta.

For a mining unit , picture a powerful computer with cooling fans. Each individual unit might not look too different from your home desktop PC processor — but the guts of this hardware are specifically designed to handle intensive and heavy-duty computing work.

It's unclear what the project could mean for Alberta's tax base. Black Rock said the site would be staffed by Chinese-language-speaking and English-speaking technicians and other employees, but it's unclear how many jobs the project would entail.

The logistics of bringing such a large number of mining rigs to rural Alberta would be challenging, Arvanaghi said. Charles Selby, president of Caledonian, said in an email that the company had entered into a non-binding letter of intent with Black Rock, which is subject to financing and other conditions.

At this stage, Quirk Creek may not be equipped to handle the demands such a significant number of bitcoin processors would require. In a brief phone call, Black Rock chief executive officer Zoltan Nagy said additional energy generation to meet the company's needs would be achieved by adding generators to the site. Nagy said additional details surrounding the financials of the deal would be forthcoming.

Conducting a full interview at this time was premature, he said. He said his company had been pursuing the purchase of Caledonian before the opportunity to relocate the Chinese bitcoin units arose. The top end of Black Rock's projections — one million mining machines — would suck up a gigantic amount of power in Alberta. De Vries, the founder of Digiconomist, said depending on the exact equipment type, those machines would need between one gigawatt GW to 3. Power plants in Alberta cannot be constructed or operated without approval from the Alberta Utilities Commission AUC , and the province has other rules governing the production of electric energy.

The Quirk Creek plant would almost certainly need approval from the AUC to host the bitcoin machines. Nagy said Black Rock hasn't reached out to provincial representatives but said the company was looking into it. Far more than a few computer towers in an office building, the sheer size of bitcoin mining facilities can be surprising. For example, in , at the grand opening of Hut 8, a bitcoin mine in Medicine Hat , Alta. Black Rock Petroleum's filings with the U. Securities and Exchange Commission are limited, so its financial status is difficult to ascertain.

Alfred Lehar, an associate professor studying finance at the Haskayne School of Business at the University of Calgary, said it's hard to know definitively whether there is enough financial backing to make this deal happen.

OMH , which would cover many of the costs anticipated to arise out of the arrangement. Josh Goodbody is chief operating officer of Qredo, another cryptocurrency firm and a mining expert who used to work in China who has no connection to the Alberta project.

He said consortiums of miners moving into North America have become increasingly common after China's crackdown. Even if Black Rock Petroleum's proposal does not live up to its billing, the act of pairing natural gas and bitcoin mining is no new phenomenon. Saeed Kaddoura, an analyst with the environmental think-tank Pembina Institute, called bitcoin mining a "parasitic process" — one that he characterized as being "energy gluttonous [while chasing] the cheapest electricity around the world.

As a way to store data securely, the blockchain is a decentralized ledger shared across multiple computer systems that publicly shares all transactions. Bitcoin uses the blockchain. In a statement, a spokesperson with Alberta Environment and Parks said the provincial government was "encouraged that we continue to attract new investments from around the globe that support a diversified economy.

On Monday, the UN climate panel sounded a dire warning , cautioning "irreversible" climate impacts and warning that humans were dangerously close to runaway warming.

De Vries of Digiconomist said that report raised warning flags for bitcoin mining projects around the globe. Joel joined CBC Calgary in Reach him by email at joel. Pseudonyms will no longer be permitted. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines.

Comments are welcome while open. We reserve the right to close comments at any time. Join the conversation Create account. Already have an account? Calgary 'Up to 1 million' bitcoin processors could be relocated to Alberta from China under energy firm's proposal Three natural gas-producing sites in southern Alberta could host "up to one million" bitcoin mining machines relocated from China under a deal proposed by Nevada-based Black Rock Petroleum Company amid Beijing's ongoing crackdown on cryptocurrency production and trading.

Social Sharing. Curious about cryptocurrency? Here's everything you need to know. What is cryptocurrency? Why the rise of bitcoin could be the first shot in a currency revolution. Bitcoin mining engineer Brandon Arvanaghi talks China crackdown 6 months ago Duration Joel Dryden.

One for the gamers: Crypto mining farm perishes in conflagration in Thailand

Bitcoin uses as much energy as the whole of Switzerland, a new online tool from the University of Cambridge shows. The tool makes it easier to see how the crypto-currency network's energy usage compares with other entities. However, one expert argued that it was the crypto-currency's carbon footprint that really mattered. Currently, the tool estimates that Bitcoin is using around seven gigawatts of electricity, equal to 0.

The debate about cryptocurrency and energy consumption

Miners will exist with any stance of the state, given the peculiarities of law enforcement in our country. Recently, politicians talk often about the energy crisis, while local authorities do rolling blackouts in the regions of Kyrgyzstan. Many people blame not only the old power grid and inefficient management, but also miners who have increased significantly in number over the years. First, we need to understand what crypto mining farms are and who miners are. Crypto mining is a process of cryptocurrency production by the permanent use of electricity for computer equipment. One of the most popular cryptocurrencies is Bitcoin, which was worth 56, dollars on the Bitfinex Exchange on November 24, Amid restrictive measures against miners in China and Iran, Kazakhstan is ranking in the top three in the world by bitcoin mining. Central Asian countries such as Uzbekistan and Kyrgyzstan also attract miners with low electricity rates, which forces them to make legislative decisions to regulate these activities.

A teenager and his sister say they make $35,000 a month by mining Bitcoin

Bitcoin mining is booming in North America, sparking new revenue opportunities for companies with access to cheap power, especially renewables. Learn the risks as well as the rewards. The state of Texas, in particular, has begun to emerge as an epicenter since China banned the industry in , sparking an exodus of miners from the country. In the wake of the Chinese ban, companies based in North America, which include Riot Blockchain and Marathon Digital Holdings, are raising record amounts of capital as they ramp up production and expand their industrial-scale operations.

The Present and Future of Crypto Mining in Kyrgyzstan amid Energy Crisis

Siblings Ishaan and Aanya Thakur first learnt about cryptocurrencies from their father Manish Raj, a former Wall Street investment banker, who would tell them about alt coins over dinner and at bedtime. The stories piqued their curiosity, leading them to learn more about how to mine digital tokens. Most of the mining work involves the initial set up and fine tuning of computers, says Ishaan, The duo learnt how to mine by watching YouTube videos and reading posts on Reddit. We have hired technicians at a Dallas data centre to help when necessary. Cryptocurrency mining uses sophisticated computers that solve complex computational maths problems, according to Investopedia.

‘Great mining migration’: Power-hungry Bitcoin leaves China

He was still at school at the time and recalls how he would pretend to study while playing games online to earn more. Then in at the age of 17, JP set up a bitcoin mining rig — where a group of computers create new bitcoin by solving puzzles — in his parents' basement. He decided to drop out of North Carolina State University, where he was studying at the time, to pursue crypto full-time - and says his family were "supportive" of his decision. Cryptocurrencies are highly volatile though, which means your money can fluctuate widely and go up and down. This means getting too involved can be risky business, like with many money investments that aren't guaranteed to give you returns. JP, who made his first million before he turned 18, told Jam Press: "I liked the fact that I didn't have to be a certain age to purchase the coins, but I didn't expect it to take off like it did.

This 19-year-old earns $54,000 a year mining bitcoin as a full-time job — here's what it's like

Cryptocurrencies have been some of the most talked-about assets in recent months, with bitcoin and ether prices reaching record highs. These gains were driven by a flurry of announcements, including increased adoption by businesses and institutions. Lesser known, however, is just how much electricity is required to power the Bitcoin network.

Iceland is a bitcoin miner’s haven, but not everyone is happy

RELATED VIDEO: Inside the Largest Bitcoin Mine in The U.S. - WIRED

Vast swaths of land blessed with a cold climate conceal a wealth of precious natural resources. But precious resources are by far not the only means of capitalizing on the cold. For instance, back in the s, prominent inventor Inokentiy Chichinin proposed the idea of using aerial bombs for the study of seismic fluctuations. GS Nanotech, together with the Petrozavodsk State University decided in September of to construct a network of data centers in the northern Republic of Karelia. The cold climate meant that maintaining the centers would require only 60 percent of the projected electrical consumption. The project construction is scheduled to finish in

First Look as Adam Weitsman Sets Up Owego Crypto Mining Farm

The police happened to uncover the alleged mining operation when they were searching for a cannabis farm. The place was raided on May 18th, when officers had been tipped off about the site. A report in BBC. An unlawful connection to the electrical supply was discovered after inquiries with network operator Western Power Distribution. Moreover, the authorities found a bank of about computer units instead of cannabis plants that they were tipped off about.

The self-professed 'computer guy' would spend his nights trading bitcoin while pretending to study and would play games to earn more — but he never expected the hobby to turn him into a millionaire. In , JP set up a bitcoin mining rig — where a group of computers create new bitcoin by solving puzzles — in his parents' basement. The self-professed 'computer guy' would spend his nights trading bitcoin while pretending to study, but he never expected the hobby to turn him into a millionaire. The thenyear-old was studying at North Carolina State University at the time, but after his bitcoin mining company took off, he decided to leave school altogether.