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(Fox 4 News Dallas)   Against all better common wisdom, crypto miners are still setting up shop, coming in droves to rural Texas, and Texas counties are actually welcoming them   (fox4news.com) divider line
    More: Stupid, Land value tax, The Grid, Texas, Corporate tax, Value added tax, Tax, crypto growth, London-based Argo Blockchain  
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333 clicks; posted to Business » on 03 Oct 2022 at 10:40 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-10-03 11:00:53 PM  
You've got to remember that these are just simple farmers. These are people of the land. The common clay of the new West. You know... morons.
 
2022-10-03 11:08:17 PM  
I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.
 
2022-10-03 11:22:30 PM  

Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.


Then Greg Abbott will renamed his wheelchair Rocinante and attack the windmills like Don Quixote
 
2022-10-03 11:22:42 PM  

Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.


When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.
 
2022-10-03 11:28:07 PM  
I hope Jacob didn't burn any bridges when he stopped farming because he'll be right back at it in a cople years.
 
2022-10-03 11:29:02 PM  
Actually I guess data center work will be an option for him but he'll likely have to move.
 
2022-10-03 11:35:51 PM  

GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.


There are plenty of other ponzi crypto schemes.  It seems like they are popping up daily.
 
2022-10-03 11:48:48 PM  

Ed Willy: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

Then Greg Abbott will renamed his wheelchair Rocinante and attack the windmills like Don Quixote


My money's on the chair.

Fark user imageView Full Size


/wait, what?
 
2022-10-03 11:58:16 PM  

HempHead: GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.

There are plenty of other ponzi crypto schemes.  It seems like they are popping up daily.


Most of them are tokens running on Ethereum or another proof-of-stake chain. Not many have their own mining network, and the ones that do are a small fraction of Bitcoin's energy consumption.
 
2022-10-04 12:42:04 AM  

HempHead: GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.

There are plenty of other ponzi crypto schemes.  It seems like they are popping up daily.


Yeah - meme-coins, anything trying to be a 'currency' that isn't pegged to fiat, and 'digital art' or related coin is pretty much a ponzi by default.

These guys, however, are putting all their eggs in on Bitcoin which, even if crypto as a concept survives, doesn't have a compelling reason why it would survive with it. Too volitile to act as a currency and doesn't DO anything besides that.
 
2022-10-04 12:45:39 AM  

HempHead: GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.

There are plenty of other ponzi crypto schemes.  It seems like they are popping up daily.


There aren't any alt-coins that are profitable to mine at the moment

https://whattomine.com/

Every single miner is currently spec mining.
 
2022-10-04 3:43:44 AM  
Is there a lot of air conditioning using up electricity in winter?  It's October here, you know...
 
2022-10-04 7:04:54 AM  
I still don't get crypto as a concept, or even what these "mines" are needed for.
 
2022-10-04 7:31:49 AM  
Plug more in. Use more energy. Secure that network.
 
2022-10-04 7:46:21 AM  

hestheone: Is there a lot of air conditioning using up electricity in winter?  It's October here, you know...


In Texas air conditioning is running in December.
 
2022-10-04 7:48:14 AM  

tnpir: I still don't get crypto as a concept, or even what these "mines" are needed for.


It's the libertarian philosophy that rejects the idea of regulated banks. Of course it fails, just like all other libertarian economic ideas.
 
2022-10-04 7:52:12 AM  
Good thing the Texas power grid is so stable.
 
2022-10-04 7:53:43 AM  

tnpir: I still don't get crypto as a concept, or even what these "mines" are needed for.


It's pretty simple in concept, stupid in execution. But it being stupid doesn't mean you couldn't make money from your computer just being on. Well, up until a few weeks ago anyway.
 
2022-10-04 11:36:57 AM  

GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.


Note that you can't just move from one to the other.  Bitcoin ASICS can't compute etherium (not enough RAM) and GPUs can't compute Bitcoin without using way more electricity than they get in Bitcoins (there are probably enough bitcoin ASICS that the margins for that mining are disappearing.  Doubt anyone has sold new rig in a year or more).

Guess they are buying somebody elses bitcoin rigs and moving to Texas.  Any bets on what scam is supposed to generate the real profit, and is just using bitcoin as a cover?  Use the thing as a "low transaction cost exchange" and steal the deposits?  Sell untaxed commercial land (after taking the subsidies)?
 
2022-10-04 2:37:30 PM  

yet_another_wumpus: GriffXX: Thosw: I'd love for Texas to build craploads of windmills and solar to support Crypto Mining and finish iat just in time for Crypto to completely fall apart, leaving all that infrastructure in place for grid support.

When Ethereum moved to Proof of Stake, it destroyed the miners to the tune of millions and millions of dollars of infrastructure.

That only leaves one major coin that uses mining - Bitcoin. It doesn't have price stability or any utility or any of the current arguments of why anyone would even consider investing in crypto (which I don't, for the record.) It sounds like they are banking on Bitcoin to always be the first coin people buy.

Note that you can't just move from one to the other.  Bitcoin ASICS can't compute etherium (not enough RAM) and GPUs can't compute Bitcoin without using way more electricity than they get in Bitcoins (there are probably enough bitcoin ASICS that the margins for that mining are disappearing.  Doubt anyone has sold new rig in a year or more).

Guess they are buying somebody elses bitcoin rigs and moving to Texas.  Any bets on what scam is supposed to generate the real profit, and is just using bitcoin as a cover?  Use the thing as a "low transaction cost exchange" and steal the deposits?  Sell untaxed commercial land (after taking the subsidies)?


It seems like such bad idea since all the bitcoin mining scams have already been executed and played out on a grand scale. If I had to guess, I'd say they are hoping for a spike in price and then either sell shares of the mining compute (to recoup their hardware costs) and when the price dips again to the point where it's not financially viable - shut them off and sell everything and run.

The land angle is an interesting thought - but I'd assume that if they're leaving, they wouldn't find the same type of buyer that wants a lot of power out in the middle of nowhere....maybe to a data center provider? I'd be surprised. Data center space is generally shrinking as people move to the cloud. Maybe they are aiming to sell to Amazon/Google/Microsoft?
 
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