The pandemic is turning fracking companies into Bitcoin miners ...Middle East

Quartz - Economy

In 2018, the global cryptocurrency market had crashed, and Sergii Gerasymovych was looking for a way to keep his Bitcoin mining company afloat. Gerasymovych eventually settled on a plan to make money while cleaning up two notoriously climate-polluting industries. Gerasymovych’s biggest headache—as for all Bitcoin miners—was the price of electricity. Bitcoin miners compete against one other to unlock coins by solving increasingly difficult math problems with fleets of computers. This consumes a lot of power globally: about as much as Argentina each year. Bitcoin miners’ profit margin largely relies on the gap between electricity bills and Bitcoin’s value; if the latter drops, the only way to

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The pandemic is turning fracking companies into Bitcoin miners ...Middle East

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