Bitcoin Mining Boom Hits Small Town in Washington State
A small town in Washington, Wenatchee, is seeing a Bitcoin mining boom due to low power prices and cooler temperatures.
There are quite a few reasons why people choose to move to a small town. They may wish to get away from the hustle and bustle of the big city. Perhaps they wish to simplify their life and get back to basics. Or it may be, in the case of Wenatchee, Washington, that people may be looking to join in a Bitcoin mining boom.
The New Virtual Gold Rush
A small town in Washington state that lies a few hours away from Seattle is becoming the center of cryptocurrency mining for the United States. It appears that the rural town of Wenatchee is experiencing a major Bitcoin mining boom as people are flocking to the area to start up operations.
Steve Wright, the head of the local power utility, says that there are already a dozen major cryptocurrency miners in the area. That number is set to explode as he notes that another 75 have made inquiries about moving to Wenatchee. Wright says:
We’ve come from just a few people out there who have been knocking on the door all of a sudden to people who are banging on the door pretty loudly.
Moving to a small town in the name of high-tech crypto mining may sound counterintuitive, there are some great reasons why miners are choosing Wenatchee.
The first reason is the cost of power. Electricity is extremely cheap for the town, costing only 2 to 3 cents per kilowatt hour. Power is so cheap as that there’s plenty of hydroelectric power due to a series of dams on the Columbia River.
Another reason why Wenatchee is a prime location is that it boasts cooler temperatures that keep the mining servers at the right temperature. To cap it all off, the town also has a tremendous internet capacity.
When you factor power cost, internet capacity, and average temperature together, you can see why Wenatchee is such a great spot to open up your very own crypto mine. Plus, Seattle is only 3 hours away if you want to take advantage of everything that a major metropolis has to offer.
However, Steve Wright is worried about the area’s new status of a Bitcoin mining boom town. He says:
What we don’t want is people who come here to make a quick buck off of our low-cost electricity and then leave town and leave us holding the bag, and leave the people of this community holding the bag.
In the long run, miners, just like every other business, will go to where they can generate a maximum profit by lowering costs. Perhaps Wenatchee should be happy that they can broaden their tax base a bit with the increased industry.
Would you move to a small, rural town for cheaper Bitcoin mining costs? Let us know in the comments below.
Images courtesy of Wikimedia Commons and Bitcoinist archives.