Politico: This Is What Happens When Bitcoin Miners Take Over Your Town

 

Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.

 

EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived techie from Seattle and had just discovered this sleepy rural community.

The attraction then, as now, was the Columbia River, which we can glimpse a few blocks to our left. Bitcoin mining—the complex process in which computers solve a complicated math puzzle to win a stack of virtual currency—uses an inordinate amount of electricity, and thanks to five hydroelectric dams that straddle this stretch of the river, about three hours east of Seattle, miners could buy that power more cheaply here than anywhere else in the nation. Long before locals had even heard the words “cryptocurrency” or “blockchain,” Miehe and his peers realized that this semi-arid agricultural region known as the Mid-Columbia Basin was the best place to mine bitcoin in America—and maybe the world.

 

Read the rest of the article in Politico Magazine

2 thoughts on “Politico: This Is What Happens When Bitcoin Miners Take Over Your Town

  1. This article paints a fascinating picture of the dramatic economic, technological, and even geographical factors at play in the cryptocurrency market. Hands down the best piece of jounalism I have read this year. Excellent work.

    Liked by 1 person

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