The Crypto Con 2
It seems the crypto “industry” has found a way to diversify. Here’s a bit from the story at Chron.com:
“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” Jason Les, CEO of Riot, said in a Wednesday release. Les said the company raked in $31.7 million in energy credits from the Energy Reliability Council of Texas (ERCOT), the agency that runs the Texas power grid, by cutting its power use by more than 95 percent during periods of peak demand.
September 9, 2023 at 3:45 pm
Like Elon Musk, Enron, many of these Companies become Rich and successful by Privatizing the Profits and Socializing the Losses. The wealth extracted by Crypto is coming from taxpayers. There was a similar story in New York where a “Mining” operation got a sweet energy deal from a Niagara Falls power company and made the residents of the town pay extrobanant prices for energy as they sucked it all in for “Bitcoin”.
https://www.technologyreview.com/2022/04/18/1049331/bitcoin-cryptocurrency-cryptomining-new-york/
September 9, 2023 at 10:05 pm
Charles Ponzi would be jealous.