CNBCs day at a bitcoin miner. What are some of the facts at this miner.

Author: Greg Michalowski | Category: News

Visits bitcoin miner operation in Weneatchee WA

Michelle Caruso of CNBC is in Wenatchee WA along the banks of the Columbia River.

Some facts:
  • Energy along that river is low due to dams and hydroelectric power. The cost of energy in Washington is around $0.04 per kWh.  At the spot they are located today is $0.025-$0.03 per kWh.  That compares very favorably to the national average of $0.07.  Miners go to where the energy is the least.

  • The bitcoin operator spends $100-200K per month. They mine 5-6 bitcoins per day
  • They use 7.5 megawatts of power to produce 5-6 bitcoins per day of power
  • They are working to mine 50 bitcoins per day using 40 megawatts of energy. That would cost $1.0M to $1.5M. 
  • There are 4 requests in the area who want to use 100 megawatts which is 50% of energy produced from the power source.
  • The space is cooled, in a relatively cooled climate. The exhaust out the building from all the cooling reaches a temperature of 100F.
  • To detractors that the energy used is not efficient.  The argument is the energy created is not storable. Therefore if it is created and not used, it is gone. Bitcoin miners - in that area - take up the energy not used.  Elon Musk has other ideas on storing energy in batteries but that is for another day. 
It has been an interesting series of reports.  They have been doing them through the day. Some of the reports will likely be available on the CNBC video archive site.