I am not a fan of crypto currency. I see that unless you were the lucky few to get in in the beginning, and cashed out, you are likely to eventually lose your shirt because it is only faith keeping cripto worth anything.
There are people making money on crypto mining. You need a lot of computing power to do this.
In Texas, there is one farm, R**t Leftovers in Rockdale Tx. It is a single site of six large buildings full of computer banks that is crypto mining. It is using enough electricity to power 300,000 homes. it gets a discount from the electric company and pays only 2.5 cents per kilowatt hour. A homeowner pays about 18.5 cents for each kilowatt hour. When there is an emergency, like last summer when it got really hot, the cripto farms shut down. Wait! there is more! They are paid to do it. Last summer they were paid 31,7 million dollars to do this, more than what they would have received if they were operating. This site isn't the only one.
I really think this is a waste of energy and taxes. What do you think?
pegw wrote:
I am not a fan of crypto currency. I see that unless you were the lucky few to get in in the beginning, and cashed out, you are likely to eventually lose your shirt because it is only faith keeping cripto worth anything.
There are people making money on crypto mining. You need a lot of computing power to do this.
In Texas, there is one farm, R**t Leftovers in Rockdale Tx. It is a single site of six large buildings full of computer banks that is crypto mining. It is using enough electricity to power 300,000 homes. it gets a discount from the electric company and pays only 2.5 cents per kilowatt hour. A homeowner pays about 18.5 cents for each kilowatt hour. When there is an emergency, like last summer when it got really hot, the cripto farms shut down. Wait! there is more! They are paid to do it. Last summer they were paid 31,7 million dollars to do this, more than what they would have received if they were operating. This site isn't the only one.
I really think this is a waste of energy and taxes. What do you think?
I am not a fan of crypto currency. I see that unle... (
show quote)
The value of crypto is in the Blockchain. The computer t***sactions that can be done in the blink of an eye. It's a hard concept to wrap your head around but it is the future. Hopefully not mine. We 'old schoolers" won't be so easily led down the digital road but the generations behind us will be fine with it. They hardly use cash now. If you think about it we are digital now. See the numbers on your dollar bill. I have made money in crypto and lost money. I purchased bitcoin once at $6,000/coin. Sold it at four times that.
If a private entity wants to make a deal with another private entity have at it. Just keep government out of it.
You can mine coins on your phone.
https://blog.coindcx.com/blog/cryptocurrency/how-to-mine-bitcoin-on-smartphone/
I am fine with most of the technology. I worry about the power of AI which we are in the very beginnings of. Just look how the internet divided us. My thing about cryptocurrency is it is only based on faith, and these farms waste power. My husband suggested solar or power for them to make themselves
pegw wrote:
I am fine with most of the technology. I worry about the power of AI which we are in the very beginnings of. Just look how the internet divided us. My thing about cryptocurrency is it is only based on faith, and these farms waste power. My husband suggested solar or power for them to make themselves
Actually the technology and the "white paper" between individual digital coins makes more sense than what the FED is doing now. For instance if a digital coin can pass all the protocols to become viable (bought and sold) the miners can only produce so many coins. You can never produce more than the white paper says there will be. In other words you can't manufacture digital coins out of thin air like the FED does now.
I'm sure if solar, wind or some other technology becomes cheaper than the present supply the free market will go that way.
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