Meanwhile, In Russia: Investor Buys Power Stations To Mine Cryptocurrencies
Since I already woke up in a sci-fi movie, by reading about South Korea citizens signing a petition opposing Government tightening on cryptos, I decided it would be good to continue this way.
So I just stumbled upon this news by Russian agency RT, which says, please hold your breath, that:
Two electric power stations in Russia have been sold for the purpose of cryptocurrency mining [...]. It is the first such deal in the country.
The two stations - valued at $3 million - are in the Ural mountains and the buyer, which goes by the name of Aleksey Kolesnik, declared he will not mine until the Russian law will allow that. But if you know how things are going on in some parts of the world, the mere process of buying these plants is a guarantee that the laws will allow that, and it will happen rather sooner than later.
I'm not sure we understand the magnitude of such an information. Let's try to put it this way:
An individual just bought two power stations, with the purpose of generating wealth, in the form of cryptocurrencies.
Excuse me, but this is just mind boggling.
The process by which electrical energy transforms itself into crypto-wealth is almost similar with how chlorophyll is transforming light into life sustaining processes.
Magical.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Government can't deny the power of cryptocurrency now.
Is that true? this guy must be super-rich but also... drunk :-)
$3 million doesn't seem like very much.
If he mines 6 BitCoins before the end of 2020 and John McAfee is correct, then he will have doubled his investment. ;)
Once again you have my vote... I could only imagine the amount of mining that would be done from those power stations... I couldn't imagine being able to spend 3 million on 2 power stations... although I would love to have that ability.
Russia is the new cryptos wonderland!
This is not the same, one is a physical chemical process to store energy.
The other one is imaginary. Wealth is not real, Sapiens is a good introduction to such virtual concepts;)
On the other hand, how much does a power plant cost?
Crypto mining with solar?
Would this work in Saudi Arabia?
More wealth for them, after oil peak?
Offshore mining plattforms in the north sea?
Geothermical Cryptomining in Island?
:)))
All value is created out of thin air, I do agree with that. I'm just amazed how "short" the process seems in the case of crypto mining (although it's incredibly complex) => spend energy, get tokens.
The other big news in crypto/power plants is that ACWA Power the major Saudi energy utility with projects across the region is now claiming and openly discussing use of SolarCoin.
http://www.acwapower.com/en/news/press-releases/acwa-power-becomes-first-utility-scale-generator-to-adopt-solarcoin/
@dragosroua,
Salutations. JaiChai here.
Enjoyed your post - as usual.
I wonder how many secret cold-war era bunkers have been converted to mining stations - and of course, powered by solar farms?
What do you think? The former Gulag or Siberia regions? Bejing?
At least Iceland and others don't hide that sh*t, no?
Namaste,
JaiChai
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Just how rich and bored are they to buy two power stations just to mine cryptos? Well it's their money so they can do whatever they want with it. I'm actually more concern on the effect of such big scale mining on the crypto market. Hope it's good though. Also thanks for the tool. I found it very useful and I'm definitely voting for you.
Thanks for your support, appreciate it!
You're very welcome.
pretty cheap power stations..
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