Hundreds of Banned Crypto Miners Were Siphoning Power at China's State Firms (bloomberg.com) 42
China's drive to root out cryptocurrencies has uncovered hundreds of miners who were using electricity at public institutions, a development that comes as the nation struggles with a power crunch. From a report: Zhejiang and Jiangsu provinces recently started targeting miners who were consuming the resources of state-owned enterprises, government agencies, and universities and research institutes, according to a government statement and media reports that did not name the entities. Jiangsu found about one-fifth of some 4,500 internet protocol addresses associated with illegal mining activity belonged to public institutions, according to the media outlet The Paper, which cited provincial communications authorities. Some 260,000 kilowatt hours of electricity were being used per day, the newspaper added. Cryptominers typically link their equipment to cloud services called mining pools to verify transactions on blockchains, allowing their physical locations to be traced. That would lead investigators to accounts with electric companies.
The Zhejiang government published a statement on an official social account that included photos of equipment seized in raids, adding that 184 IP addresses were suspected of involvement in illegal mining exploiting public resources. "The rapid upgrading of mining hardware and fierce competition in computing power have resulted in massive energy usage, which is contrary to the carbon peak and carbon neutralization goals of the whole province as a major energy importer," the statement said.
The Zhejiang government published a statement on an official social account that included photos of equipment seized in raids, adding that 184 IP addresses were suspected of involvement in illegal mining exploiting public resources. "The rapid upgrading of mining hardware and fierce competition in computing power have resulted in massive energy usage, which is contrary to the carbon peak and carbon neutralization goals of the whole province as a major energy importer," the statement said.
they have public IPV4's directy linked? (Score:2)
they have public IPV4's directy linked?
They should just hack them and shut them down remotely
they also don't want non controlled banking as wel (Score:2)
they also don't want non controlled banking as well.
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I myself have a fair amount of royal blood tied to a number of thrones but most directly to those of England and the former holy roman empire/German throne. Long ago that entitled my ancestors to authoritarian rule and
Re:they also don't want non controlled banking as (Score:4, Insightful)
Once somebody achieves runaway wealth / power / monopoly / entitlement, the entire playing field is tilted in their favor - fiat currency, perhaps; but so is wage setting, taxation, education, land ownership - and bitcoin, as Elon Musk's power to move the bitcoin market with a tweet has demonstrated repeatedly.
"DeFi" = "Deregulated Finance" (Score:2, Insightful)
What you're saying doesn't make much sense to me. Throughout the history of civilization precious metal has been used as currency (or a gold or silver standard for notes), and it did nothing to prevent the concentration of wealth.
Once somebody achieves runaway wealth / power / monopoly / entitlement, the entire playing field is tilted in their favor - fiat currency, perhaps; but so is wage setting, taxation, education, land ownership - and bitcoin, as Elon Musk's power to move the bitcoin market with a tweet has demonstrated repeatedly.
This.
Don't let the toxic crypto bros fool you: "DeFi" means "Deregulated Finance", not "decentralized" as they're trying to pass it off as.
The crypto bros all want to wrestle control away from governments, and do it without any oversight, and hence no accountability. Why else do you think they're all throwing a fit whenever the specter of regulation comes up (you know, the thing all legitimate currencies have to adhere to?)
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Yeah... so remind me why the price goes up when clear regulations and guidelines appear again? Wrestle power from governments and give it to WHOM? Bitcoin uses an automated decentralized system with clearly defined and pub
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Exactly. It was by concentrating wealth that the mercantile class was able to gain power relative to the feudal class. Now if that wealth is just traded inflationary debt notes those in power can simply shift the wealth around through a number of schemes. They can print more for
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LOL, and what are you going to play with once the rich people buy up the limited supply of bitcoins...
Oh you can just make an infinite number of different 'limited digital nonsense'.
It'll cause the next meltdown (Score:2)
Oh you can just make an infinite number of different 'limited digital nonsense'.
Exactly - they'll create Bitcoin "derivatives" (hmm where have we heard that before?) for the greater fools.
Ironic how all cryptocurrencies will eventually cause another economic meltdown - the very thing it was born out of, and claimed to want to prevent.
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Though derivatives aren't the source of the meltdown they just multiplied it. The government provided housing programs that enabled people who couldn't afford houses to buy them anyway. These bad loans increased the assets on the banks books and enabled them borrow and invest more money from the FED. The bad loans then got bundled together into assets which were given a better
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Even if the rich people bought up all the Bitcoin they'd skyrocket the price doing it and they would trade between each other. Those transactions get processed by miners who get the fees attached to each block they mine. Bitcoin is also fully transparent with a finite parallel transaction limit. S
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Nope, they would not "trade with each other". Currency hoarders don't trade their currency, that's why they are called hoarders. Until the miners drove up the transaction cost (real cost in Joules) Bitcoin was actually viable as a transaction-clearing mechanism with only very short-term store of value (i.e. buy bitcoin, transfer to someone, then they sell it immediately). That is because the actual value of the bitcoin doesn't really matter, so it doesn't matter if it is volatile. But this is exactly th
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They aren't called hoarders. They are called banks, nations, states, international organizations, etc.
"It would be better to do exactly what you say with Monero, but tie it to some real asset like a pool of companies."
Bitcoin is a real asset. It is amazing to me how many old dinosaurs walking around without the capacity to comprehend that logical assets can be just as substantial
wow (Score:2)
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Wait, you are telling me a single S9 draws over 3 Million watts per hour, or 15,000 Amps @ 220v? A single S9 uses more power in an hour than my whole house in a month?
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I think you are missing that you are putting 10,000 Kwh and not 10,000 Wh. it is you who is dense. 10,000 KWH is insane and more than my house uses uses in 2 months.
3250W is only 3.25 KWH so that times 3 is not 10,000 Kwh, its 10 Kwh
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Probably a fun Saturday Night =p
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s9 is 3250W, three of them running ONE HOUR uses 10,000 KWH. Are you dense? It's probably a bunch of students using shitty little usb miners, that's where they are getting the number of IPS from. Again no news....
It's not quite the curse of the grammer nazi, but close enough...
Three devices using 3250 Watt each use 9,750 watt hours or 9.75 Kilowatt hours in an hour. For 10,000 Kilowatt hours in an hour, you need a few more than three thousand.
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It's a requirement of local rules, national legislation, the constitution, the UN charter and the laws of nature that Slashdot carries every story that mentions cryptocurrency.
I know, right? It's not like they have a vested interest [ibb.co] in it or anything...
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"260,000 kilowatt hours of electricity were being used per day", or roughly 10 kilowatts, is more than 5 machines. A home in the USA typically uses roughly 10 kilowatt hours. So that's enough to power more than 25 homes in the USA, more than that in china. Yes, it's interesting, especially as more and more cryptominers are stealing electricity and as China is discussing banning cryptocurrency outright. These cases affect China's politics, and the price of Bitcoin worldwide in turn.
Internalize the benefits; externalize the costs. (Score:3, Insightful)
Zhejiang and Jiangsu provinces recently started targeting miners who were consuming the resources of state-owned enterprises, government agencies, and universities and research institutes, according to a government statement and media reports that did not name the entities.
Nothing like saying "viable currency" by externalizing the costs onto society.
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Different countries (Score:2)
In China, I wouldn't be surprised if they made you join those computers.
Re: Different countries (Score:2)
Not for this crime. Generally it's "a life for a life". We may see this as crude but hyperbole doesn't help. These people will get fines, lose jobs, and get jail time. Generally the last means the second is guaranteed anyways.
Also people who "let it happen" even without knowing about it because they are in a leadership role, also could get punishment.
Go to zero already... (Score:2)
Not sure if it will go to zero in a year, or maybe ten or twenty years, but I see no long term value proposition in all these crypto coins. Over time it is entirely a bigger fool and money laundering proposition. Eventually the fools will run out, and regulation/oversight will catch up and it will be game over. Those holding the bag in their 401k's will tell tales of woe. People will be in a daze as to how they couldn't have seen through the HODL evangelists sooner.