>>http://www.bbc.co.uk/news/technology-22153687
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>Sounds like a hit piece to me. The wording of the first few paragraphs make it seem like a bad thing.
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>But consider:
>$150,000 in electric bills per day for $681,000 in profits in the same day (!!)
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>To put this into perspective, my uncle runs a metallurgical company and their monthly electric bills are around $50,000 for that one facility. He does several million dollars worth of business per year. Net profits are several million per year. In essence, he spends $600,000 per year in electricity for say $10 million in profit per year.
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>These Bitcoin miners are spending $55 million per year in electricity, for profits of $249 million per year.
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>Sounds like a no-brainer.

Hmm. Didn't expect to find you arguing the capitalist line :-}

The true cost of producing a bitcoin is, to all intents and purposes, zero. Why cause people to waste a valuable resource when they could just give it away ?