When you think of Bitcoin mining chances are that you think of China. Here in Washington State we enjoy low power rates, in part due to the Columbia River and a system of Dams that run along the river.
In Wenatchee, WA there are several Bitcoin Mining Operation that has been going for 4 years and the city is considering five other applications to open Mining Centeres.
An interesting sidebar is Washington's crypto regulations are so harsh that most of the exchanges will not accept customers from WA.
In Washington we have legal pot, we can mine bitcoin, but we can't trade or spend it.
The interesting and ironic journey of normalizing the use of Crypto-Currency in my own backyard!
Check out the best minnow on Steemit @brandyb
Do you have any links to read about WA's crypto regulations? Didn't realize they were so harsh.
This is probably a good place to start. https://dfi.wa.gov/bitcoin
That seems directed more toward businesses and accepting cryptocurrencies from consumers. Seems like as long as you use one of their licensed and approved vendors (listed here: https://dfi.wa.gov/sites/default/files/documents/virtual-currency-licensee-list.pdf) you should be okay.
You can regulate cryptocurrencies? You can regulate blockchains? I know governments want to and try to but should they legally be allowed governance over your own privacy and things related to personal things on computers even and things that are decentralized and therefore not of a certain country or state or place as it is hosted and served and located on many servers in many countries all at the same time and is therefore neither here nor there nor anywhere, right? If government can go into your computer to see what you or may not be doing or having or buying or in renting or whatever, etc.... then what stops government from stealing from you or blackmailing you or etc etc? Do we want government the freedom to control and regulate us maybe too much in the name and for the sake of alleged safety?
Ironic, indeed.
Fell "victim" to WA laws when I got booted from Poloniex back in the spring.
The irony of the situation, part two: Bittrex is based in Seattle...
Stupidity of the situation: The regulations have little to do with Washington not liking cryptocurrencies, and everything to do with growers using anonymous crypto transactions to evade taxes since the legalization of marijuana.
@whatsup,
This will be a bottle neck to BTC! Few months ago few of my friends installed a mining rig but due to power cost it's ROI is far far away! So, when it happens people will move to PoS and DPoS and the final result is bottle neck on transactions of PoW!
If WA can keep miners it's a good idea and a profitable thing if electricity becomes lower, but if they can't spend it, I just feel WTF :D
I don't think this proof type will have a long journey! So, better not invest on it! For me it's a sinking ship!
Cheers~
Hydro is better than burning coal or oil for Bitcoin, but it's still a very wasteful coin. Luckily there are alternatives
Wow didn't realize you were from Washington as well. I swear they let us legalize pot just so we'd be less aware of the shit they keep raining down on us from the capital. I plan on moving out of this state as soon as the right opportunity comes up.
I like that Bitcoin gets so much media attention. It allows the Steem blockchain to slip under the radar.
So much will change over the next few year. So few have any clue about what’s coming.
It is for sure that the Future belongs to Crypto Market and Steemit. Media has highlighted this issue as well in several talk shows and Bankers also tried their level best to stop the storm of BTC and Steemit but it felt all in vein.
As per China & Washington i really did not know about this factor, you highlighted in your post
Yes @brandyb is a great minnow and i am already following her by the way today I make myself official Steemian too as i wrote my first ever blog ;)
Keep writing such great pieces of information to let us know the current scenario of the BTC @whatsup
Stay Blessed, Steem On!
How bizarre is that? You can use the ganja, mine bitcoin, but can't trade what you mine! Maybe one day they will get it figured out! haha
But why you can not trade it, Is there any regulation in place there or any kind o restrictions ???
@whatsup....hay Wow didn't image you were from Washington as well. I swear they let us legalize pot just so i had be less aware of the shit they keep raining fall on us from the capital. I will plan to moving another ppace of this state as soon as the when the right opportunity comes
Wow it's really amazing does this is the REAL arrangements for bitcoin mining it's amazing.
Thanks @whatsup
for updates and informations about Bitcoin minning also about the crypto regulations in washington.and the anaylisis with china.
Always visit the blogs of best and much talented minnow @brandyb on Steemit. salute to you for this successful project #adoptaminnow. keep it up. great work.
No comment except that I’m in NY and they make some things hard, and a request for adoption once the present best minnow on Steemit grows up. Still haven’t told you any of the ideas lol. Not lol cause they’re not real, lol cause they are! How’s everything? What’s down? Meetup. Meet Down. It’s just Alx. The snowflake. I guess.
Great analysis ! bitcoin is going to rise up , thanks for sharing a great post wit us ..
Always love looking at a crypto mining farms, shame they didn't show more of it. But ramping up from 6 to 50 BTC a day, woo, that's nuts!
@whatsup
Bitcoin consumes more energy than 170 world countries
resteem this post 👍
Nice and informative post.
Lol mine it but you can't sell it... what the fuck is that.
Also... Plyzzz follow me, I need ur follow.
Interesting news..
So why do they bother mining it when they can't trade it?
Well they are obviously finding a way... :)
I'm curious to why you say there isn't a way to trade. Although exchanges like Bitfinex, Bitstamp, Kraken, and Poloniex won't except Washington customers, I've had no issues finding other exchanges that allow me to buy and sell crypto.
Good point. My point was that the sites that make you legally identify yourself, do not accept WA users. It was a bit of a slam on WA politics.
You gotta love our government here. Pretty soon you won't be allowed to live here unless you work for amazon, boeing, microsoft or google.
Washington State did not hike the rate for Bitcoin mining. Chelan County's PUD hiked the rate for Bitcoin mining. Chelan County had the best rates in the state, but only by a narrow margin. Two counties in Washington still offer electricity rates that are lower than $0.0389/kWh.
Great information...
i also like your post ..
follow you...
@whatsup
Wow
Wow mining bitcoin but can't trade or spend it? I don't understand. Why would you mine it but can't benefit from it? This is crazy.
@whatsup is using some hyperbole =D Not impossible just more difficult then it needs to be.
In totality we are growing our crypto world is unstoppable. This year will make the difference and finally together we will kicked out the old decentralized system. Bitcoin Mining Comes to Washington State is a good news. All the best for future of all of us. Stay Blessed @whatsup!
I always wished I'd gotten into mining when it was cheap. Now mining is so expensive that it doesn't seem worth my time.
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But @whatsup I think in the long POW is going to be replaced by POS and POW system of mining is not environment friendly.
Thank you and Have a great day.
You have hydro power at cheap cost, so that is an added advantage to bank upon mining profit.
Thanks
thanks for sharing the news with us :)
waste of time & money ;) @whatsup
@resteemia
This is very important post...
resteem it
You can also mine Bitcoin and other cryptocurrencies with your computer, or with other things, in your own house, in many countries, many places, maybe anywhere. I'm from Oregon, was in Vietnam, Hawaii, Quebec, New York, and now am in Shelton, Washington State (WA), and it is cool to have cryptocurrency mining factories, or warehouses, like this in our own backyard. I'm near Seattle and we all tend to think China when we think about manufacturing and things like this. I do like this. I'm Oatmeal Joey.
Is Bitcoin the same thing as a digital currency? Yes, maybe in some ways or in a general definition. But I would argue that cryptocurrencies are generally, by design, by the fact that it is decentralized by nature, normally through blockchain systems, and more importantly that Bitcoin (which is a cryptocurrency) uses cryptography which normal digital currencies do not use as far as I know.
Therefore, Bitcoin is not exactly adjacent to digitalized dollars in a normal centralized banking system that uses fiat money from Rothschild, from the Federal Reserve System (FRS), from governments around the world. Money has been digitalized and wired from bank to bank for decades now. And the ability to wire money is not new but cryptocurrency is different because of the "crypto" or cryptography aspect of it. I encourage people to research cryptography and the blockchain system and the decentralized concept, those three things, if they have not and if they want to know more.