Impact of Bitcoin Mining Shutdown on Local Electric Bills

Local folks had to deal with all that noise from cooling fans for ages. And now they get stuck with higher electric bills. Just what they needed, right?

Compromise, that’s what comes to mind here. You've got mining companies trying to make ends meet, and then there's the residents absorbing the noise and suddenly higher bills. Should’ve thought more about their location if they wanted to mine.

Seems like they auctioned off all those S19s. Looks like they're throwing in the towel.

Wait, was this mentioned in the news or here? Can’t find that info anywhere in the article they quoted.

I mean, it's tough for miners. They could maybe have moved elsewhere with those ASICs, but who knows what their situation was.

I was wondering the same thing. Did some digging, but all I've seen is other companies trying to sell their old gear. Mining in Europe has been rough since late 2022. Folks are saying they only fire up now and then.

Yeah, if there was a decent electricity rate, I bet the city could pull off a new deal with miners, especially if they used quieter cooling methods.

I got an email about an auction in Norway too. They’re selling 2880 S19s, starting at 100 each. Timing is kinda fishy, given this thread.

Sure, competitive rates sound cool, but miners need tons more juice than normal households. Doesn't seem likely to happen.

It’s wild that they didn’t address noise better. Is it just the authorities exaggerating their complaints?

Losing their biggest client should help with supply... but nah, the electricity provider will just make existing customers foot the bill. So I don't buy the whole 'lower bills' angle.

Nah, that's off. More big customers usually means lower costs for residents. If they can't sell excess power now, then it’s all on the regular folks.

Yeah, but these ASICs aren’t great at profit. At five cents per kilowatt, they barely break even. This could be more about running away from losses.

For sure, the article skimmed over some key details. Power companies need revenue, and losing a big customer hit them hard.

Big mining ops are building massive data centers now, looking to expand even more. A smaller miner could still make it work if they get the right setup though.

Economics is definitely not simple. You think supply and demand just balance out perfectly, but it’s way more nuanced.

The government’s setting up a power bill support scheme which sounds good, covering a chunk of excess electricity prices. That might help a bit.

So, it was those 3000 watt machines, huh? They basically broke even, so why invest more? Makes sense they bailed.

Yeah, unless you're loaded, investing 14 million for some mining gear is a crazy gamble. A smart move would be to play it safer.

Saw that the used S19 is going for like 300 bucks in Russia. Good luck selling wholesale with all those extra costs.