3 ms·

I wonder how much this has to do with bitcoin mining?

by bouncycastle 6y ago

CydeWeys 6y ago
Miners are being turned off at these electricity prices.
- ncmncm 6y ago
  Except in places where the power is being stolen.
  - ideamotor 6y ago
    Example? I'm not sure what you mean by "stolen" but I'm sure there's a ton of mining that is occurring at a statutory or downstream low-rate (as opposed to C&I based on peak or wholesale subject to the real-time market). In those cases, the electric providers should be able to pay them to curtail load but it's frankly a travesty on all accounts.
    - sdflhasjd 6y ago
      I think you're overthinking it. It's just regular stealing, something that would be more historically associated with Marijuana grow-ops. Bypassing your meter, tapping off your neighbours meter, street lighthing, mining in your employers basement without them knowing, etc. Basically using electricity that isn't "yours" without paying for it.
      - ncmncm 6y ago
        This is easier in countries with more retail corruption, and in some with wholesale. The latter would include Russia, China, and the US; the former, Venezuela, UAE, Nigeria. Retail would tend to be petrochemical power. Nuclear power theft is easier to cover up, so would be preferred where it is common, e.g. Russian military sites and US commercial.
- bouncycastle 6y ago
  yeah, but there always will be someone who doesn't turn it off, especially when the prices are going up. Also, they hold up the "floor price" for electricity and push it up, meaning that electricity prices will never be cheaper.
  - CydeWeys 6y ago
    Not at these prices. You'd be losing huuuge amounts of money continuing to mine when electricity prices have shot up 10-100X. If you really want that Bitcoin it'd be much cheaper to turn your miners off and then just buy it at market price those few days while electricity prices are insanely high. > Also, they hold up the "floor price" for electricity and push it up, meaning that electricity prices will never be cheaper. This comment seems unconnected to the present situation in Texas.

I wonder how much this has to do with bitcoin mining?

CydeWeys 6y ago

Miners are being turned off at these electricity prices.

ncmncm 6y ago
Except in places where the power is being stolen.
- ideamotor 6y ago
  Example? I'm not sure what you mean by "stolen" but I'm sure there's a ton of mining that is occurring at a statutory or downstream low-rate (as opposed to C&I based on peak or wholesale subject to the real-time market). In those cases, the electric providers should be able to pay them to curtail load but it's frankly a travesty on all accounts.
  - sdflhasjd 6y ago
    I think you're overthinking it. It's just regular stealing, something that would be more historically associated with Marijuana grow-ops. Bypassing your meter, tapping off your neighbours meter, street lighthing, mining in your employers basement without them knowing, etc. Basically using electricity that isn't "yours" without paying for it.
    - ncmncm 6y ago
      This is easier in countries with more retail corruption, and in some with wholesale. The latter would include Russia, China, and the US; the former, Venezuela, UAE, Nigeria. Retail would tend to be petrochemical power. Nuclear power theft is easier to cover up, so would be preferred where it is common, e.g. Russian military sites and US commercial.
bouncycastle 6y ago
yeah, but there always will be someone who doesn't turn it off, especially when the prices are going up. Also, they hold up the "floor price" for electricity and push it up, meaning that electricity prices will never be cheaper.
- CydeWeys 6y ago
  Not at these prices. You'd be losing huuuge amounts of money continuing to mine when electricity prices have shot up 10-100X. If you really want that Bitcoin it'd be much cheaper to turn your miners off and then just buy it at market price those few days while electricity prices are insanely high. > Also, they hold up the "floor price" for electricity and push it up, meaning that electricity prices will never be cheaper. This comment seems unconnected to the present situation in Texas.