Gamechanger: Chinese Crypto Miners can get 8c cheap electricity in Australia using our coal power

Wow. Wait til word gets out. This is dynamite.

Chinese Bitcoin miners are reopening the Hunter Valley coal power station called Redbank in NSW. They have a deal that gets around our gargantuan, mismanaged grid by buying coal power direct for 8c/kWh, while Australians in the same place pay 28c/kWh.

This is exactly the nightmare the head of the Australian Energy Management Organisation (AEMO) spoke of just last week — that “big players could abandon the grid”. That’s a degenerate spiral leaving a shrinking pool of suckers to pay for the inefficient, bird-killing, blackout prone, witchdoctor grid.

Bitcoin mining’s growing demand for cheap energy revived a shuttered coal mine

Ashat Rathi, Quartz

Consumers there pay, on average, $A0.28 ($0.22) per kilowatt-hour (kWh) for electricity. But Hunter Energy, which owns Redbank, are offering the crypto miners electricity at a fraction of the cost. The “first-of-its-kind” deal, as the Age puts it, will see the crypto miners pay only A$0.08 per kWh in the day and A$0.05 per kWh at night. Hunter Energy told the Age that the price is feasible because the electricity produced at the coal power plant would go straight to the crypto miners, bypassing—and […]

May 1st, 2018 | Tags: , , , | Category: Electricity, Free markets | Print This Post Print This Post | |

Double your Hype: Climate meets Cryptocurrency to kill the world and save it

Cypto currencies are killing the world and saving it at the same time

It’s the battle of the cryptos. Bitcoin is set to destroy the global climate due to exponential electricity consumption. Mining for bitcoins consumes the same electricity as 159 countries (probably more now), and by 2020, the world. I suspect we’ll be saved by reality — transactions now take hours and cost $20, $40, $50 (depends on the day) — making bitcoin not useful for buying a beer. But Michael Kile has found a competing cypto which will save the world — bound to relieve climate believers of their normal cash while offering them gold-hopey-hyper-cubits which may evaporate at a moments notice. Don’t mock it, in people with the right brain, these may briefly increase oxytocin and reduce cortisol.

So say hello to the saviour ClimateCoin. It wants to be an “exponential environmental organisation…” (because linear ones are achieving so much, and the square of zero could do so much more right?) They are not even pretending to produce anything real. Their mission is to “create a symbol for the common man to be able to participate in the struggle against climate change…” No uncommon people need apply. […]

December 26th, 2017 | Tags: | Category: Global Warming | Print This Post Print This Post | |