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POPULAR 36 Month Plan Bitcoin is earned — or ‘mined’ — by using your computer to help process the uncrackable “blockchains” or digital transaction records that underpin the currency. Through challenging summer, Bill Magness and ERCOT kept the lights on
That’s changed, he says. Today, Chinese mines not only seek out cheap electricity, but also stability and scale. So instead of siphoning surplus electricity from hydropower stations in Sichuan, say, during the rainy season, larger mines are now partnering with local governments for a steady but discounted supply of energy from the State Grid, China’s state-owned electricity utility.
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First 50 kWh per kW 13 answers Last reply Mar 6, 2014 Best Answer Mar 6, 2014 Finally, China has an enormous surplus of electricity that can be harnessed for mining. In 2016, for instance, overcapacity from hydropower stations in Sichuan and Yunnan amounted to a whopping 45.6 terawatt hours. To put that into perspective, the entire US generated 4,100 terawatt hours of electricity in the same year.* By partnering with these power stations, cryptocurrency miners get access to discounted electricity rates in exchange for a cut of the mining revenue.
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