Fun

Central Washington Raises Concerns Over Possible Bitcoin Mining Boom

News Feed - 2021-01-12 08:01:34

Central Washington Raises Concerns Over Possible Bitcoin Mining Boom


A region in the Pacific Northwest of the United States is on high alert because of concerns about a possible invasion of bitcoin (BTC) miners. The state has previously experienced an influx of Chinese bitcoin miners, due to decreasing electricity prices. Bitcoin Bull-Run Could Revive Interest in Mining, Officials Warn


Per the Seattle Times, bitcoin’s bull-run is putting the public utility districts (PUD) in Central Washington on high alert, monitoring for suspiciously high power bills. PUD officials claim crypto miners from China have come to the region to take advantage of its low hydroelectricity prices.


Such developments worry the Columbia River Basin authorities because the “2017-2018 mining boom could happen again.” Although electricity prices have been increased to combat mining, authorities believe new bitcoin miners could still establish themselves in the state.


So far the authorities haven’t seen an increase in commercial mining, however, the PUDs still brace for a return of “small-scale mines” that could overload local residential power lines.


John Stoll, managing director of customer utilities at Chelan County’s PUD, commented on the matter: We haven’t seen that, but definitely we are keeping our radar up.


PUDs Are Not Willing to Welcome New Bitcoin Miners


Stoll says he doesn’t let his guard down, keeping an eye on market volatility: The biggest concern we have is somebody coming in, we build 50 megawatts’ worth of capacity for them, bitcoin prices change, and then they just leave.


Seattle Times quotes one of the measures taken by Grant County, where costs for bitcoin miners will be increased if the outlet meets this specific criterion: it’s using 5% or more of the district’s power.


But building new mining facilities is not the only headache that PUDs are facing. The districts’ officials believe small-size bitcoin miners could restart operations from currently inactive facilities.


The U.S. East Coast is also witnessing its own bitcoin mining-related controversy. On December 20, 2020, organizations led by an environmental organization filed a lawsuit against the U.S. town Torrey in New York for giving the green light to expand a bitcoin mining facility at the Greenidge Generation power plant.


What do you think about Central Washington’s concerns? Let us know in the comments section below. Russian Oil Giant Provides Excess Gas to Operations Powering Bitcoin Mining Devices MINING | 2 days ago Canaan Launches Submerged Liquid-Cooled Bitcoin Miner, Noiseless Device Boasts 50 Terahash MINING | 6 days ago Tags in this story Bitcoin mining, Bitcoin Mining Costs, cheap electricity, consuming electricity, crypto mining, United States, Washington State


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Tom Blackstone7 hours agoLayer 2 networks hit $13B TVL, but challenges still remainData from L2Beat shows that layer 2s are seeing greater adoption than ever before as users continue to desire lower gas fees.4528 Total v
Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments
Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments High net-worth families are turning to cryptocurrency investments, according to a re
Baanx Acquires Stake in Major US Fintech Bank
Baanx Acquires Stake in Major US Fintech Bank press release PRESS RELEASE. Baanx, the fast growing B2B2C “Better than a Banking Platform” specializing in fintech servi
Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum
Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the
Derek Andersen2 hours agoSEC chief accountant warns accountants about liabilities when auditing crypto firmsPaul Munter says making or allowing misleading statements can have serious consequences for accounting firms and
Bitcoiners tip ‘September breakout’ but cast doubt on near-term $100K
Ciaran Lyons6 hours agoBitcoiners tip ‘September breakout’ but cast doubt on near-term $100KBitcoin is set to move upward in September, but traders are now less confident it’ll break the $100,000 mark before the en
Interest Rate Cut Impact: Bitcoin Price Reaction Unraveled With Future Projections
Este artículo también está disponible en español. The Bitcoin price experienced a significant downturn on Wednesday, briefly falling below the $100,000 milestone as the U
Popular Trading App Robinhood’s Global Expansion Will Be ‘Crypto First’
Popular Trading App Robinhood"s Global Expansion Will Be "Crypto First" Popular trading app Robinhood has revealed that its international expansion will be “crypto first.&#x
Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400?
Este artículo también está disponible en español. The Ethereum pricehas just broken out of a key symmetrical triangle pattern, signaling a potential surge to new levelsab
Bitcoin Price At $321,000 This Cycle? Analyst Says It’s The ‘Math’
Este artículo también está disponible en español. Crypto analyst Tony Severinohas provided an ultra-bullish outlook for the Bitcoin price, predicting that the flagship cr
Bitcoin Bullish Divergence That Appeared Before The May ATH Has Returned Again
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Silk Road 2 Admin Forfeits $667,000 in Bitcoin to British Law Enforcement
Silk Road 2 Admin Forfeits $667,000 in Bitcoin to British Law Enforcement According to reports, the founder of the now-defunct Silk Road 2 marketplace has forfeited more than half-