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Sep 26 - Bitcoin mining company BUYS Pennsylvania POWER PLANT to meet electricity needs



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 4 weeks ago '07        #1
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yola  topics gone triple plat - Number 1 spot x59
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Sep 26 - Bitcoin mining company BUYS Pennsylvania POWER PLANT to meet electricity needs
 

 
visit this link https://www.techspot.com/ .. lant-meet.html

Ailing Pennsylvania powerplant becomes a crypto mining stronghold

Crypto mining companies are continuing to find innovative solutions to power problems despite concerns regarding Bitcoin mining's immense power requirements and ecological impacts.

A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant.

The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power.

A single Bitcoin transaction, including the resources needed to mine the coin and to verify the transaction, can total upwards of 1,700 kilowatt hours (kWh).

This ever-increasing power demand has forced large crypto mining outfits to leverage any available means to produce their power at the lowest possible cost. In some cases, this leads to mining operations literally taking power production into their own hands.

Stronghold Digital Mining in Kennerdell, Pennsylvania, has joined the ranks of those mining operations that have sought to solve their power delivery challenges themselves.

Unlike those companies that leverage regional hydroelectric power or others leveraging energy credits and payments from their respective states, Stronghold recently purchased the Scrubgrass power plant in Venango County, Pennsylvania.

According to Stronghold, who advertises their organization as an "environmentally beneficial and vertically integrated Bitcoin miner," the plant will burn Pennsylvania's waste coal to power on-site mining hardware located in shipping containers next to the plant.

Waste coal is the residual material left over following coal mining operations; it can be particularly harmful to the environment by leaching metals such as aluminum, iron, and manganese into the soil and surrounding water sources.

Stronghold plans to claim and burn waste coal, then deliver the previously contaminated reclaimed land back to the state via the Pennsylvania Department of Environmental Protection (DEP).

Current DEP statistics claim that so far, Stronghold has helped to reclaim more than 1,000 acres of Pennsylvania land.

Despite the ability to burn the waste and minimize the threat of contamination, the waste coal still produces a significant amount of carbon dioxide.

These types of emissions are an ongoing concern to environmental watchdog groups monitoring Bitcoin's energy and pollution footprint.

Unlike Ethereum mining, which utilizes traditional graphics processing units (GPUs), Bitcoin mining relies on specialized hardware known as application-specific integrated circuits (ASICs).

While GPUs can be repurposed for anything from mining other algorithms to performing their intended rendering tasks, Bitcoin ASICs are purpose-built devices designed solely to provide the hash power required to mine against Bitcoin's SHA-256 algorithm.
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 4 weeks ago '14        #2
BasedSoul  topics gone triple plat - Number 1 spot x2
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Can't tell me this sh*t is good for the environment.
+18   

 4 weeks ago '15        #3
jon0h 
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 BasedSoul said
Can't tell me this sh*t is good for the environment.
I literally skimmed over this and said, "Yep, the world as going to hell". But ya gotta stay optimistic, hopefully they find a way to balance it all
+3   

 4 weeks ago '18        #4
Kodack sixnine  topics gone triple plat - Number 1 spot x63
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I’m fine with it. Crypto is the future
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 4 weeks ago '21        #5
Pizzabox 
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I still don’t understand how mining works nor do I understand why a crypto currency would need “power” to operate
+3   

 4 weeks ago '06        #6
9.18 
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 Pizzabox said
I still don’t understand how mining works nor do I understand why a crypto currency would need “power” to operate
need to run thousands of super computers running at max with a fu*k ton of cooling
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 4 weeks ago '07        #7
iTzMe!  topics gone triple plat - Number 1 spot x1
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How long till the major banks who spend billions on server farms, decide they are going to start mining and commission a nuclear power plant.
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 4 weeks ago '18        #8
CurryDaGoat  topics gone triple plat - Number 1 spot x12
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 BasedSoul said
Can't tell me this sh*t is good for the environment.
No1 says its good for the environment..

But its impact was overstated by uneducated senior citizens who hate progress.
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 4 weeks ago '19        #9
Free my soul  topics gone triple plat - Number 1 spot x22
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 Pizzabox said
I still don’t understand how mining works nor do I understand why a crypto currency would need “power” to operate
Basically if you spend say 5K on PC graphics cards and you can make like $30 a day

+7   

 4 weeks ago '21        #10
Pizzabox 
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 9.18 said
need to run thousands of super computers running at max with a fu*k ton of cooling
Why tho? I understand “solving algorithms”. But why? They were created from literally nothing, how do these “algorithm solutions” have value?
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 4 weeks ago '08        #11
FlyboyCaz 
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 Free my soul said
Basically if you spend say 5K on PC graphics cards and you can make like $30 a day

Bro put me on, is this done through an app?
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 4 weeks ago '19        #12
Free my soul  topics gone triple plat - Number 1 spot x22
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 FlyboyCaz said
Bro put me on, is this done through an app?
No you need a desktop computer with at least one graphics card
For those exact specs you need 6 GTX 3080's which are $800 retail but they been out of stock since December of last year, they resell for like $1500.

Every day(?) Newegg has a chance to get one with Newegg shuffle



Use this site to see how many of whatever card which is in your price range(resell or retail) will get you and the energy costs
+1   

 4 weeks ago '08        #13
tdnupe3 
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I don't understand why companies just don't get a solar or a wind farm to do this.......

They would get tax incentives from the government in addition to being able to feed any excess energy into the grid.

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 3 weeks ago '16        #14
J0011 
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1700 , wtf
About $200 for any transaction
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 3 weeks ago '17        #15
Universalmind88 
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Been buying bitcoin for years never knew this hoe they mine it, but it makes sense for the “out of thin air” element. Basically they used all the natural resources and using massive amounts of electricity to make more money this is terrible!

 3 weeks ago '18        #16
0msoc 
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 Kodack sixnine said
I’m fine with it. Crypto is the future
What happens when it is more than China that makes it illegal to trade cryptos?
Are y'all moving to venezuela?

You're buying a string a digital numbers that you will never see, just because the "miner" said to trust him. Good luck with that future.
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 3 weeks ago '08        #17
FlyboyCaz 
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 Free my soul said
No you need a desktop computer with at least one graphics card
For those exact specs you need 6 GTX 3080's which are $800 retail but they been out of stock since December of last year, they resell for like $1500.

Every day(?) Newegg has a chance to get one with Newegg shuffle



Use this site to see how many of whatever card which is in your price range(resell or retail) will get you and the energy costs
Do you make less money when Bitcoin is in a bear market?

 3 weeks ago '15        #18
Hellmatic 
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 0msoc said
What happens when it is more than China that makes it illegal to trade cryptos?
Are y'all moving to venezuela?

You're buying a string a digital numbers that you will never see, just because the "miner" said to trust him. Good luck with that future.
Crypto been illegal in China. Its the same fud all the time

 3 weeks ago '04        #19
prettytony514 
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 Free my soul said
No you need a desktop computer with at least one graphics card
For those exact specs you need 6 GTX 3080's which are $800 retail but they been out of stock since December of last year, they resell for like $1500.

Every day(?) Newegg has a chance to get one with Newegg shuffle



Use this site to see how many of whatever card which is in your price range(resell or retail) will get you and the energy costs
What wallet do you use to transfer your Bitcoin?

 3 weeks ago '19        #20
Free my soul  topics gone triple plat - Number 1 spot x22
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 FlyboyCaz said
Do you make less money when Bitcoin is in a bear market?
Yes
+1   

 3 weeks ago '16        #21
foshoVoodoo  topics gone triple plat - Number 1 spot x50
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 tdnupe3 said
I don't understand why companies just don't get a solar or a wind farm to do this.......

They would get tax incentives from the government in addition to being able to feed any excess energy into the grid.

+1   

 3 weeks ago '06        #22
9.18 
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 Pizzabox said
Why tho? I understand “solving algorithms”. But why? They were created from literally nothing, how do these “algorithm solutions” have value?
they dont lol...


just like paper money, we "agree" it has value.



There are a limited number of equations to be completed to form a block, so in theory once all the blocks are gone scarcity will add value since you cant more more.


Bitcoin is no different than doge... doge is unlimited and btc is limited. But does nothing on a technical utility.

Now xrp is a different story for a different thread
+1   

 3 weeks ago '21        #23
Fras 
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 0msoc said
What happens when it is more than China that makes it illegal to trade cryptos?
Are y'all moving to venezuela?

You're buying a string a digital numbers that you will never see, just because the "miner" said to trust him. Good luck with that future.
You're paying with a Federal Reserve fiat currency. A string of digital numbers that you will never see, just because the "Federal Reserve" said to trust him. Good luck with that future.

Top 10 most propped recently  3 weeks ago '06        #24
Skateboard T  topics gone triple plat - Number 1 spot x6
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 BasedSoul said
Can't tell me this sh*t is good for the environment.
It all depends on what sort of generation method they use.

In this case, it's hard to get any worse smh

It's insane how many of the world's problems can be indirectly solved by f*ghting climate change and switching to renewables.

We just need to figure out how to store renewable energy for long periods of time and transfer/distribute it through powerlines in a manner that sustains the power.

Right now we can't store power-plant levels of solar/wind power for very long, and we lose a significant amount of the electricity when we send it through the lines (it takes power to move power). Solve those two problems and we'll be at the beginning of a new technological revolution.

 3 weeks ago '11        #25
Tony Franks  topics gone triple plat - Number 1 spot x2
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sounds suspicious



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