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At-home bitcoin miners are getting crushed by the crypto sell-off and energy ...archive.ph/R4MQG
56 sats \ 3 comments \ @BTCMiner 28 Jul 2022 bitcoin
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25 sats \ 0 replies \ @sb 29 Jul 2022
Wow this also really shows how perverse the incentive structure is due to government intervention in energy markets with these biased credits towards wind and solar, which are objectively more expensive and less effective energy sources. 🤔
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1 sat \ 0 replies \ @BTCMiner OP 28 Jul 2022
Some crypto miners are even considering switching to renewable power sources to cut their electricity costs, the two said.
Florida-based Vega said he'd heard of miners pivoting to solar power, while Carter said some in the Midwest were moving to states like Illinois or Missouri to take advantage of wind power there.
"There are a lot of incentives to use renewable energy here in the US," Carter said. "If you're putting up large solar panels, you can get half of it paid off by the government, which can really help miners to cut their costs."
"Sellers tend to be newcomers that entered the space when bitcoin was at its all-time high, and bought a lot of hardware at ridiculously high prices."
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0 sats \ 0 replies \ @BTCMiner OP 28 Jul 2022
The link for this post is using an archive for the article on Insider's website. An archive has no paywall, no subscription requirement, and can be easier to read. The original article, on Insider's website is:
At-home bitcoin miners are getting crushed by the crypto sell-off and energy inflation. Here's how they're cutting costs. https://markets.businessinsider.com/news/currencies/crypto-bitcoin-miner-costs-home-selloff-inflation-soaring-energy-prices-2022-7
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