Around 400 computers now use spare electricity generated to “mine” bitcoin from a hydroelectric dam in Wisconsin, in the hope of winning some of the 6.25 new bitcoin automatically created every ten minutes
Save time by listening to our audio articles as you multitaskNowadays, the dam and the redbrick power plant on top of it are of less use. There is less manufacturing, and west-central Wisconsin gets most of its power from much bigger coal, gas and nuclear plants. Since April, however, a new industry has quietly been humming away at the dam. Around 400 computers now use the spare electricity generated to “mine” bitcoin: that is, solving cryptographic problems in the hope of winning some of the 6.
In recent months, the cryptocurrency boom has deflated dramatically. Bitcoin has lost 70% of its value since November; it dropped by 17% on June 13th alone. Many firms that had flourished are in trouble. Coinbase, a big bitcoin exchange originally from California, which went public last August at a valuation of $86bn, this month has rescinded job offers and is cutting 18% of its staff. But mining projects, curiously, still seem to be growing.
The result is a constant rush towards cheaper electricity and more powerful computing equipment. Many of the newest projects in America are run on behalf of energy firms, says Mr Webber, which can use spare power that they could not otherwise sell. “If you’re producing low-cost energy, you’ll outlast,” he says.
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