technology

23382 readers

122 users here now

On the road to fully automated luxury gay space communism.

Spreading Linux propaganda since 2020

Rules:

1. Obviously abide by the sitewide code of conduct. Bigotry will be met with an immediate ban
2. This community is about technology. Offtopic is permitted as long as it is kept in the comment sections
3. Although this is not /c/libre, FOSS related posting is tolerated, and even welcome in the case of effort posts
4. We believe technology should be liberating. As such, avoid promoting proprietary and/or bourgeois technology
5. Explanatory posts to correct the potential mistakes a comrade made in a post of their own are allowed, as long as they remain respectful
6. No crypto (Bitcoin, NFT, etc.) speculation, unless it is purely informative and not too cringe
7. Absolutely no tech bro shit. If you have a good opinion of Silicon Valley billionaires please manifest yourself so we can ban you.

founded 4 years ago

MODERATORS

context@hexbear.net

EmmaGoldman@hexbear.net

SexUnderSocialism@hexbear.net

gaycomputeruser@hexbear.net

ZoomeristLeninist@hexbear.net

257

Texas bitcoin mining operation holds electric grid ransom, is paid more than it earns mining to not run its hardware on high-load days (hexbear.net)

submitted 3 months ago* (last edited 3 months ago) by hypercracker@hexbear.net to c/technology@hexbear.net

51 comments fedilink hide all child comments

From "Why Texas Republicans are Souring on Crypto" from The Economist https://archive.ph/eIXGc

you are viewing a single comment's thread
view the rest of the comments

[–] hypercracker@hexbear.net 40 points 3 months ago* (last edited 3 months ago)

This might not be strictly accurate, based on this statement in the article:

Pierre Rochard, head of research at Riot, says it costs roughly $30,000 of electricity to mine one bitcoin and last year Riot mined nearly 7,000 (implying an annual cost of some $200m). And Riot is just getting going. The company is building a second plant in Corsicana, south of Dallas, that will be double the size.

At current price of $54k/bitcoin that comes to $378 million in revenue per year, with $210 million electricity cost. I'm sure they have other expenses though. They don't seem to sell most of the bitcoin they mine, opting to hold it for the future (when it will be worth zero dollars inshallah-script ).