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Title: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: ICO Lancer on May 30, 2018, 10:28:42 AM "The large amounts of electricity used by computer servers for cryptocurrency “mining” pose a growing challenge for utilities such as the Chelan County Public Utility District, to which miners are drawn by the cheap rates for power. This unauthorized setup in Cashmere was discovered in 2015. (Chelan PUD)
Bargain electric rates are attracting digital currency entrepreneurs, but three public utilities districts are reassessing how they deal with the surging demand, and whether they should even try to keep up. Residential customers, meanwhile, worry that their rates will go up." https://www.seattletimes.com/business/bitcoin-backlash-as-miners-suck-up-electricity-stress-power-grids-in-central-washington/ Thoughts? Do you think this was the reason for the recent dips? Interesting news anyway and would like to hear what you think. Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: sunX3 on May 30, 2018, 10:34:18 AM Could be. But for example, now all the coins are green again, so they might have been largely unaffected by that news.
Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: googs84 on May 30, 2018, 10:39:13 AM I dont think that is the only news which has caused the recent dip. I mean the electricity power consumption of one country (I guess county) may not affect the whole bitcoin network and its prices really. The price is result of investment made into the bitcoin and how other merchandise are utilising the coin really. The mining is major integral part of the whole system but that is not enough mining power which can disturb the whole network here and at least not to the extent to which we are seeing the crypto currencies fallen today.
Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: olubams on May 30, 2018, 11:12:33 AM "The large amounts of electricity used by computer servers for cryptocurrency “mining” pose a growing challenge for utilities such as the Chelan County Public Utility District, to which miners are drawn by the cheap rates for power. This unauthorized setup in Cashmere was discovered in 2015. (Chelan PUD) Bargain electric rates are attracting digital currency entrepreneurs, but three public utilities districts are reassessing how they deal with the surging demand, and whether they should even try to keep up. Residential customers, meanwhile, worry that their rates will go up." https://www.seattletimes.com/business/bitcoin-backlash-as-miners-suck-up-electricity-stress-power-grids-in-central-washington/ Thoughts? Do you think this was the reason for the recent dips? Interesting news anyway and would like to hear what you think. The real concern should about is the use of the electricity for mining, cost other businesses from using it? If a power that generates say 10,000 MW and only 6,000 is being used but now with the mining activities, its increased to say 9,000MW, I don't see any problem after all, its being paid for and not in any way stealing since they are selling power, miners are ready to buy. Its a win-win situation. Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: manlyxman on May 30, 2018, 11:16:17 AM I dont think that is the only news which has caused the recent dip. I mean the electricity power consumption of one country (I guess county) may not affect the whole bitcoin network and its prices really. The price is result of investment made into the bitcoin and how other merchandise are utilising the coin really. The mining is major integral part of the whole system but that is not enough mining power which can disturb the whole network here and at least not to the extent to which we are seeing the crypto currencies fallen today. Maybe since it's the U.S. it caused some FUD, but yeah, overall I agree. It's probably just the markets correcting or a bear trend that happens time to time. Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: bittick on May 30, 2018, 11:17:41 AM "The large amounts of electricity used by computer servers for cryptocurrency “mining” pose a growing challenge for utilities such as the Chelan County Public Utility District, to which miners are drawn by the cheap rates for power. This unauthorized setup in Cashmere was discovered in 2015. (Chelan PUD) Lol this is telling us a little bit about the truth of PoW coin. i have seen a reliable news site has reported the crypto currency has consumed around 0.1 from the total electricity has used in the world. I don't think so, the latest dip caused by a lot of pressure about the regulation. Bargain electric rates are attracting digital currency entrepreneurs, but three public utilities districts are reassessing how they deal with the surging demand, and whether they should even try to keep up. Residential customers, meanwhile, worry that their rates will go up." https://www.seattletimes.com/business/bitcoin-backlash-as-miners-suck-up-electricity-stress-power-grids-in-central-washington/ Thoughts? Do you think this was the reason for the recent dips? Interesting news anyway and would like to hear what you think. Title: Re: Bitcoin backlash as miners suck up electricity/stress power grids in Washington Post by: BeruchN on May 30, 2018, 09:01:15 PM The dip was probably not caused by that but I think it gives a nice insight into how people see bitcoin in regards to the electricity/power stress. People are still very much afraid of it and don't know enough.
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