The cryptocurrency craze helps many individuals rake in cash, however it is usually placing stress on infrastructure of a small county in Washington state.
“Our infrastructure is definitely being put to the take a look at. We’re full,” Ron Cridlebaugh, the Port of Douglas County financial improvement supervisor, informed CNBC’s Michelle Caruso-Cabrera on Thursday.
Electrical energy in Washington state is significantly cheaper than in most locations within the U.S. The typical electrical energy worth per kilowatt within the state is four cents. The nationwide common is 7 cents.
Cryptocurrencies comparable to bitcoin and ripple have skyrocketed in worth just lately. Final 12 months, these digital currencies surged 1,500 % and 35,000 %, respectively.
Individuals have been attempting to get in on the motion by buying these digital property or by “mining,” or creating, them. However the mining course of requires numerous electrical energy as computer systems course of gargantuan quantities of knowledge.
Cridlebaugh mentioned the county is constructing out 100 megawatts (100,000 kilowatts) of infrastructure simply in information facilities to maintain up with demand. “It’ll take a while to catch up as a result of development has been so fast.”