What the heck is a Bitcoin mining rig?

[ilikegunspdx]

Totally confused on this. Physical "mining rigs" which I guess are computers? Using so much energy that three houses burned down? Destroying the mining rigs with a steamroller? What the heck is all this?

Viral video shows Malaysian police destroying 1,069 bitcoin mining rigs with a steamroller

Police seize and steamroll 1,069 bitcoin machines worth $1.26 million.

www.cnbc.com

Read More

 

[RicInOR]

So, there is a power plant in New York, who no longer sells power to the grid. They were getting like 3c / kw h produced (wholesale)
Running these bit mine rigs, they make about 6c / kw-h.

So an entire power plant.


Yes, they are like the #1 draw on the grid world wide, currently.



NW Aluminum plants had shut down to re-sell their contracted electricity some years back ( maybe 30 now), it is the same concept.

The owners of the plants asked himself, "What business are we in? Aluminum Smelting? Power Generation? or Money Making?"

And, a by-product is a reduction in the number of required workers.




quick search results:

New York Power Plant Starts Bitcoin (BTC) Mining

One of the oldest hydroelectric power plants situated in New York plans to start Bitcoin (BTC) mining with its surplus energy

thenewscrypto.com

A New Threat to New York’s Clean Energy Goals: Bitcoin Mining

A Finger Lakes power plant plans to ramp up energy-intensive Bitcoin mining. If the state allows it to proceed, environmentalists warn dozens of…

www.nysfocus.com

An Old Hydroelectric Power Plant in New York City Now Mines Bitcoin - CWJ | Crypto World Journal | Blockchain Nation - Building Better Blockchain Community

CWJ |Crypto World Journal |Blockchain Nation. Your number one source for crypto-block-fin news and credible knowledge

www.cryptoworldjournal.com

1897-Built New York Power Plant Turns to Bitcoin Mining for Better Profitability

A historic power plant in Mechanicville, New York has decided to switch to mining Bitcoin as a more profitable pursuit in addition to generating electricity.

www.cryptoglobe.com

 

[RicInOR]

Totally confused on this. Physical "mining rigs" which I guess are computers?

Best Crypto Mining Rigs, Rated and Reviewed for 2024

With Ethereum's move to Proof of Stake and bitcoin frozen in crypto winter, the heat is on (so to speak) for miners to be more profitable.

www.bitcoinmarketjournal.com

 

[Certaindeaf]

I wouldn't give you two bits.

 

[Alexx1401]

I remember when Bitcoin first hit they were looking for people to act to set up to let people use it. The people who set up to do so got a fraction of the usage for their trouble. It was why at first it was not simple to buy. I had wanted to toss a C note at it, intending to lose it, just wanted to try. It was far more work than I was willing to do to buy. Now of course I can't help but think if I had found someone to help me? Well I would no longer need to work but, hey that's life
Now it's dead simple to buy the stuff of course.

 

[Certaindeaf]

I think now they pirate everyone's smartphones computing power?

 

[gryghin]

Bitcoin mining is a misnomer, as its not so much going out and searching for that bitcoin but lending the computing power of your machine to the bitcoin company.

The bitcoin company uses the mesh computing power to verify the block chain transactions and then pays you in fractional bitcoin.

This is sort of like the SETI @ Home project. But SETI doesn't pay for use of your computing power.