Dwight SilvermanApr 10, 2023

The Real-World Costs of the Digital Race for Bitcoin.

In Texas, bitcoin mines are paid to stay offline in power emergencies, a cost borne by consumers.

https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html?unlocked_article_code=0Yb-O2h9Rsv0OBuF1FDp74U0fjaPct2F98khDHOOv80xf4vniNyHIt-Yw8LmeNIItLPbUX8H2RbwUHr--lZSEyTvIMjQQvATqCrUVE5zsVg7B660nJhOsxHnbieaCOYMRFERe9iTaIpM0gIuaGk9vvbY_4jhOZRQSMIeyOfybeFX2Vb7Ff2jJmhleztarwMk0TduDD2jKq0XPAPzlskZ5vvfPE2rP8XAIPgSJfdEuKZqVLR2kdzeXa4odzPgDETG0xHyjyGX7GsOpJ-gRB4liaHloEf1Dsoo_tXc-mLHi4OpekixrqfXeJDfjLI41e4Ggq0zFSiWkXMY8VLosO3CO9C7Wg-V0k1l3F5TygTlPw&smid=url-share

The Real-World Costs of the Digital Race for Bitcoin

Bitcoin mines cash in on electricity — by devouring it, selling it, even turning it off — and they cause immense pollution. In many cases, the public pays a price.

The New York Times
Show threadAdam Cook

@dsilverman Incredible.

Every single day, #Texas provides me with another validation in my choice to leave it.

These kinds of Governor Abbott Footguns are all over the place.

And, naturally, if the stability of the Texas power grid is still at risk, it is the Black and Brown communities that will lose power first (and for the longest).

Governor Abbott never had to answer for that.

Apr 10, 2023 at 11:59amElk
Show threadErik HaugenApr 10, 2023

@adamjcook I hope you didn't move to New York or Pennsylvania, they do the same thing. 😂

(It's actually a great policy – huge users that can shut off in a pinch really help make the grid more robust.)

Show threadAdam CookApr 10, 2023

@ech I moved to Detroit.

It’s not just this power grid thing in Texas… it is a whole constellation of corrupt, undemocratic, stupid and downright juvenile decisions that underpin Texas.

I am originally from Chicago and even I was surprised by the amount of unchecked corruption in Texas.

It is an awful state.

I only lasted 4 years in Texas.