this post was submitted on 09 Jul 2024
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Technology

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Inside the 'Nightmare' Health Crisis of a Texas Bitcoin Town (time.com)
submitted 4 months ago by Gaywallet@beehaw.org to c/technology@beehaw.org
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[–] ourob@discuss.tchncs.de 73 points 4 months ago (1 children)

“In October 2021, Governor Greg Abbott hosted the lobbying group Texas Blockchain Council at the governor’s mansion. The group insisted that their industry would help the state’s overtaxed energy grid; that during energy crises, miners would be one of the few energy customers able to shut off upon request, provided that they were paid in exchange.”

Incredible. Driving up energy needs to make their fake currency will help the state’s energy grid, because we can then hold the grid hostage until we’re paid.

[–] explore_broaden@midwest.social 40 points 4 months ago

Why would they pay them, just use the power of the free market and raise the price of electricity (or even just for industrial users like bitcoin miners) when supply is low until they bow out because it’s not profitable and demands matches supply. Weird how the free market is only good when it’s not free, but dominated by monopolists.