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Bitcoin miners running up Texans' electricity bills
- Obscurity4340 3y agoIn Texas up is down, right is right, and the State pays companies to use less electricity
- Obscurity4340 3y agoDespite the fact they HATE this one thing called socialism. Socialize the losses and privatize the gains 'n junk
- miguelazo 3y ago>“These figures are conservative, accounting only for mining during ‘blue sky’ hours when prices are under $15 a megawatt-hour,” the report said. “Bitcoin mining is likely to have stronger impacts on the grid over time as the number of larger and more power-hungry mining facilities is likely to grow.”
- tw04 3y agoNo, no, the crypto bros have told us how this lowers everyone's bills because they're only using wasted off-cycle power. This is AMAZING for consumers.
- alexstore06 3y agoI haven't been following crypto for a while, but I thought that there weren't really any cryptocurrencies that were profitable to mine anymore. Has something changed, or did I miss something?
- hipadev23 3y agoIt’s profitable when the state subsidizes your electricity.
- miguelazo 3y agoSome people also don't do math well, or fall for sunk cost motivations. For example, they've already spent a bunch of money on equipment. I know someone who justified it to himself by claiming that the heat output in his house during the Winter reduced his heating bill, so the losses weren't as bad.
- Obscurity4340 3y agoWhat was the bottom line or net result in financial terms?
- miguelazo 3y agoLosing at least a couple hundred dollars a month. Varied based on season.
- miguelazo 3y agoBitcoin has had a nice boost over the past week, since our useless regulators are on the verge of approving a Blackrock ETF for it.
- belltaco 3y agoThat's true only for GPU based mining setups, Ethereum going Proof of Stake destroyed profitability. The ASIC based setups mining bitcoin are still profitable.
- pbj1968 3y agohttps://archive.ph/ePjBp https://archive.ph/ePjBp Houston Chronicle has previously committed to releasing articles circulating social media from the paywall, but I guess we aren’t big enough. The guy that runs their website probably posts here, too…
- 71a54xd 3y agoMy bill hasn't changed much at all - seasonally its actually lower than last year. They're just consuming power that would otherwise be wasted...
- culopatin 3y agoHow is power wasted? Are power companies just loading the grid with resistors when you don’t use it?