2024-08-28 01:34 UTC
This seems healthy and totes normal
Playing the state’s energy market has become more profitable than mining bitcoin
"On the hottest and coldest days, when demand for electricity peaks and the price soars, the bitcoin miners either sell power back to providers at a profit or stop mining for a fee, paid by ercot. Doing so has become more lucrative than mining itself. In August 2023 Riot collected $32m from curtailing mining and just $8.6m from selling bitcoin."
https://www.economist.com/united-states/2024/08/27/why-texas-republicans-are-souring-on-crypto
Replies (5)
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@Diamondjoy@mastodon.world 2024-08-28 02:21
@kims@mas.to The sickest people in the world have money sickness. 🤬
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@mherbert@jauntygoat.net 2024-08-28 10:04
@kims@mas.to ... wasn't there a documentary about this sort of shit already? Oh yes https://en.wikipedia.org/wiki/Enron%3A_The_Smartest_Guys_in_the_Room
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@lopp@lopp.social 2024-08-28 17:40
@kims@mas.to @briankrebs@infosec.exchange Bitcoin changes the balance of power! 😏☺️🤓
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@djasa@cztwitter.cz 2024-08-29 07:50
@kims@mas.to it looks like something on a path to healthy totes normal, next step could be that mining rewards diminish to a degree that miners won't reserve power at the energy market, etc @berrange@hachyderm.io
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@avielroshwald@mstdn.social 2024-08-30 16:08
@kims@mas.to Bitcoin as extortion racket makes perfect sense.