Summary of Cryptocurrency

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Cryptocurrency mining is an energy-intensive business that lures prospectors to communities where electricity is cheap and abundant. But what externalities does digital currency mining wreak upon those neighborhoods? CBS News correspondent Errol Barnett investigates. getAbstract recommends his thorough case study to digital entrepreneurs hoping to strike it rich and to communities considering a foray into cryptocurrencies. 

In this summary, you will learn

  • How cryptocurrency exchanges work,
  • Why cryptocurrency mining is so attractive to large and small operators alike, and 
  • What risks are inherent to the cryptocurrency mining business.
 

About the Speaker

Errol Barnett is an anchor and correspondent for CBS News.

 

Summary

Wenatchee, Washington, calls itself ”the apple capital of the world,” but it is also the site of a burgeoning new industry: cryptocurrency mining. Governments and banks don’t issue cryptocurrencies; they are decentralized and digital. When someone makes a payment using bitcoin, for example, a “flurry of activity” takes place as every server on the bitcoin network records and verifies the transaction. This process also cultivates new bitcoins, making cryptocurrency mining an attractive source of passive income. David Carlson, owner of cryptomining business Giga Watt, estimates that each one of his computers earns him an income of $1,500 a year. But the machines are energy intensive. They generate a lot of heat and require huge fans to cool them. Each of Giga Watt’s facilities houses 1,000 servers and uses as much electricity as 600 residential homes.


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