Bitcoin Mining Comes to Washington State
When you think of Bitcoin mining chances are that you think of China. Here in Washington State we enjoy low power rates, in part due to the Columbia River and a system of Dams that run along the river.
In Wenatchee, WA there are several Bitcoin Mining Operation that has been going for 4 years and the city is considering five other applications to open Mining Centeres.
An interesting sidebar is Washington's crypto regulations are so harsh that most of the exchanges will not accept customers from WA.
In Washington we have legal pot, we can mine bitcoin, but we can't trade or spend it.
The interesting and ironic journey of normalizing the use of Crypto-Currency in my own backyard!
Check out the best minnow on Steemit @brandyb
Do you have any links to read about WA's crypto regulations? Didn't realize they were so harsh.
This is probably a good place to start. https://dfi.wa.gov/bitcoin
That seems directed more toward businesses and accepting cryptocurrencies from consumers. Seems like as long as you use one of their licensed and approved vendors (listed here: https://dfi.wa.gov/sites/default/files/documents/virtual-currency-licensee-list.pdf) you should be okay.
You can regulate cryptocurrencies? You can regulate blockchains? I know governments want to and try to but should they legally be allowed governance over your own privacy and things related to personal things on computers even and things that are decentralized and therefore not of a certain country or state or place as it is hosted and served and located on many servers in many countries all at the same time and is therefore neither here nor there nor anywhere, right? If government can go into your computer to see what you or may not be doing or having or buying or in renting or whatever, etc.... then what stops government from stealing from you or blackmailing you or etc etc? Do we want government the freedom to control and regulate us maybe too much in the name and for the sake of alleged safety?
Ironic, indeed.
Fell "victim" to WA laws when I got booted from Poloniex back in the spring.
The irony of the situation, part two: Bittrex is based in Seattle...
Stupidity of the situation: The regulations have little to do with Washington not liking cryptocurrencies, and everything to do with growers using anonymous crypto transactions to evade taxes since the legalization of marijuana.
@whatsup,
This will be a bottle neck to BTC! Few months ago few of my friends installed a mining rig but due to power cost it's ROI is far far away! So, when it happens people will move to PoS and DPoS and the final result is bottle neck on transactions of PoW!
If WA can keep miners it's a good idea and a profitable thing if electricity becomes lower, but if they can't spend it, I just feel WTF :D
I don't think this proof type will have a long journey! So, better not invest on it! For me it's a sinking ship!
Cheers~
Hydro is better than burning coal or oil for Bitcoin, but it's still a very wasteful coin. Luckily there are alternatives
Wow didn't realize you were from Washington as well. I swear they let us legalize pot just so we'd be less aware of the shit they keep raining down on us from the capital. I plan on moving out of this state as soon as the right opportunity comes up.
I like that Bitcoin gets so much media attention. It allows the Steem blockchain to slip under the radar.
So much will change over the next few year. So few have any clue about what’s coming.
How bizarre is that? You can use the ganja, mine bitcoin, but can't trade what you mine! Maybe one day they will get it figured out! haha
It is for sure that the Future belongs to Crypto Market and Steemit. Media has highlighted this issue as well in several talk shows and Bankers also tried their level best to stop the storm of BTC and Steemit but it felt all in vein.
As per China & Washington i really did not know about this factor, you highlighted in your post
Yes @brandyb is a great minnow and i am already following her by the way today I make myself official Steemian too as i wrote my first ever blog ;)
Keep writing such great pieces of information to let us know the current scenario of the BTC @whatsup
Stay Blessed, Steem On!
But why you can not trade it, Is there any regulation in place there or any kind o restrictions ???
@whatsup....hay Wow didn't image you were from Washington as well. I swear they let us legalize pot just so i had be less aware of the shit they keep raining fall on us from the capital. I will plan to moving another ppace of this state as soon as the when the right opportunity comes