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Bitcoin Power The Almighty Buck

Bitcoin Power Plant Is Turning a 12,000-Year-Old Glacial Lake Into a Hot Tub (arstechnica.com) 214

An anonymous reader quotes a report from Ars Technica: The fossil fuel power plant that a private equity firm revived to mine bitcoin is at it again. Not content to just pollute the atmosphere in pursuit of a volatile crypto asset with little real-world utility, this experiment in free marketeering is also dumping tens of millions of gallons of hot water into glacial Seneca Lake in upstate New York. "The lake is so warm you feel like you're in a hot tub," Abi Buddington, who lives near the Greenidge power plant, told NBC News. In the past, nearby residents weren't necessarily enamored with the idea of a pollution-spewing power plant warming their deep, cold water lake, but at least the electricity produced by the plant was powering their homes. Today, they're lucky if a small fraction does. Most of the time, the turbines are burning natural gas solely to mint profits for the private equity firm Atlas Holdings by mining bitcoin.

Atlas, the firm that bought Greenidge has been ramping up its bitcoin mining aspirations over the last year and a half, installing thousands of mining rigs that have produced over 1,100 bitcoin as of February 2021. The company has plans to install thousands more rigs, ultimately using 85 MW of the station's total 108 MW capacity. [...] The 12,000-year-old Seneca Lake is a sparkling specimen of the Finger Lakes region. It still boasts high water quality, clean enough to drink with just limited treatment. Its waters are home to a sizable lake trout population that's large enough to maintain the National Lake Trout Derby for 57 years running. The prized fish spawn in the rivers that feed the lake, and it's into one of those rivers -- the Keuka Lake Outlet, known to locals for its rainbow trout fishing -- that Greenidge dumps its heated water. Rainbow trout are highly sensitive to fluctuations in water temperature, with the fish happiest in the mid-50s. Because cold water holds more oxygen, as temps rise, fish become stressed. Above 70 F, rainbow trout stop growing and stressed individuals start dying. Experienced anglers don't bother fishing when water temps get to that point.

Greenidge has a permit to dump 135 million gallons of water per day into the Keuka Lake Outlet as hot as 108 F in the summer and 86 F in the winter. New York's Department of Environmental Conservation reports that over the last four years, the plant's daily maximum discharge temperatures have averaged 98 in summer and 70 in winter. That water eventually makes its way to Seneca Lake, where it can result in tropical surface temps and harmful algal blooms. Residents say lake temperatures are already up, though a full study won't be completed until 2023.

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Bitcoin Power Plant Is Turning a 12,000-Year-Old Glacial Lake Into a Hot Tub

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  • by rsilvergun ( 571051 ) on Tuesday July 06, 2021 @11:34PM (#61557759)
    that are causing all sorts of health and breathing problems for the residence.
    • by aepervius ( 535155 ) on Wednesday July 07, 2021 @02:30AM (#61557965)
      if there was any hint of late stage stupidity, late stage capitalism, and absurdity of "externalities" this is this : a company producing bitcoin - a commodity used massively for speculation and nothing much legal beside that, polluting a lot, and not paying a cent on those externalities due to local laws, and making us paying all with more CO2 for that shit.

      I can't think of a better sign of the utter stupidity of capitalism given no restraint and no rules toward betterment of society.
      • by peterww ( 6558522 ) on Wednesday July 07, 2021 @08:16AM (#61558487)

        > I can't think of a better sign of the utter stupidity of capitalism

        What does capitalism have to do with it? Capitalism is an economic model. It is not a system of political governance.

        Environmental protection laws should have prevented this from ever getting close to happening. We don't have those EPA laws, and not "because capitalism", but because we're fucking stupid people who don't give a shit about the environment. The citizens and politicians of this country are to blame for mis-managing the environment, not an economic model.

        Furthermore, no system that humans have ever devised, nor ever will devise, can possibly account for all externalities. Doesn't matter if it's an algorithm, computer system, economic model, or political governance model. Every system has externalities.

        • by Ichijo ( 607641 )
          "The perfect is the enemy of the good."
        • But, environmental regulations are in place and there is less pollution from that plant then there was in 2005. The article is intentionally deceptive. There is less hot water coming from that plant now than there was at any other time it was operational. It has also been converted to natural gas from coal, so there's that too.

          There was a 2.5 year environmental review and permitting process. That there are people claiming that it's going to kill the trout now, when the trout derby began ten years aft

          • by jeremyp ( 130771 )

            But in the past, it produced electricity that people could use. Now it's just extracting money from Bitcoin speculators and ransomware victims.

        • Furthermore, no system that humans have ever devised, nor ever will devise, can possibly account for all externalities.

          We don't need to account for all externalities. Just those with severe consequences. But the great thing about global warming is that it's next generation's problem. And screw them, they will once they are born all be lazy whiners anyway.

        • What's so clueless about the grandparent is that blaming "capitalism" would suggest that there's a better economic system for resolving issues such as this. It's been well-documented that "socialist" countries - including present-day China - have environmental problems on a scale that we can only imagine.

      • It pollutes less in every way than it did in 2005. Much less than in 1984. And if you think they didn't have to pay anything for it, why not take a look for some proof?

        It's an orange dot on this map - https://iopscience.iop.org/art... [iop.org]

        Here's it's history up to 2011 - https://www.gem.wiki/AES_Green... [gem.wiki]

        And a little something from them - https://greenidgellc.com/compa... [greenidgellc.com] - think that 2.5 year review and permitting process was cheap?

      • Oh ffs, Bitcoin has a use, which is to facilitate the covert wiretransfer of money. Yes, I know, the authorities can track down a Bitcoin transaction with enough effort, but for most Bitcoin transactions they won't.
      • I can't think of a better sign of the utter stupidity of capitalism

        This isn't about capitalism. This is about getting ahead in a global context and one-upping other people. Bitcoin is something that is actively pursued by socialists, communists, and every other form of economic system, each equally not giving a fuck about the externalities.

        Hell the only reason China cracked down on it was because they were worried it was creating competition to the government's control on the economy.

      • Pretty certain "capitalism" didn't issue Greenidge the "...permit to dump 135 million gallons of water per day into the Keuka Lake Outlet as hot as 108 F in the summer and 86 F in the winter."

        Here we have PROOF that government is incompetent to rule on the most basic of things, things we even mostly all AGREE they have a reason to legislate...and you want a system with MORE government control?

        Brilliant.

  • No sushi (Score:4, Funny)

    by Bert64 ( 520050 ) <bert AT slashdot DOT firenzee DOT com> on Tuesday July 06, 2021 @11:35PM (#61557761) Homepage

    You can catch already cooked trout from the boiling lake, save time!
    Only downside is you can't get sushi anymore.

  • Inevitable (Score:2, Funny)

    by Anonymous Coward

    As always, it's going to happen. [imgflip.com] Yet to be proven wrong.

  • by ozduo ( 2043408 ) on Tuesday July 06, 2021 @11:45PM (#61557783)
    They love warm water and are delicious. Another interesting fact about barramundi they change sex so the LBGT community will be onside
  • by theshowmecanuck ( 703852 ) on Wednesday July 07, 2021 @01:07AM (#61557867) Journal
    Enough said.
  • by cats-paw ( 34890 ) on Wednesday July 07, 2021 @01:08AM (#61557869) Homepage

    oh, that's right. little people are over regulated.

    big companies still get to do whatever the fuck they want.

  • by null etc. ( 524767 ) on Wednesday July 07, 2021 @02:55AM (#61558023)

    Any beauty represented by this lake, and its fish, can be better captured and preserved as an NFT.

  • How is this still legal?!

    • > How is this still legal?!

      What, power generation? Or hyperbole?

      • What, power generation? Or hyperbole?

        Dumping 10,000,000 galons of hot water into the Seneca for no other reason that mining BTC, you dolt.

        • Not a dolt.

          The water isn't all that hot, and Seneca is big.

          Creating BTC and freeing people from currency manipulation by oppressive governments is more useful than much energy using activity.

  • by CaptainLugnuts ( 2594663 ) on Wednesday July 07, 2021 @04:29AM (#61558179)
    It's just under 16 cubic kilometers of water. Dumping in the maximum amount of water is about 0.00022% of the lake per day. There will be a small amount of surface water heating near the outlet then it'll dilute and transfer to the air. There's 173 square kilometers of surface area to the lake, insolation puts far more energy into the lake than the powerplant can muster.

    While I agree that cryptocurrencies are a waste of time and energy, these clowns aren't doing anything to the lake.

    • by peterww ( 6558522 ) on Wednesday July 07, 2021 @10:20AM (#61558847)

      That's a very macro and limited view of an ecological system. The ecological system is incredibly complex, and a small effect can cause much larger ripple effects throughout the system. Unless you're an expert on the entirey of the system, it's impossible to know ahead of time what the result will be. That's why their study will take 2+ years and they can't just do some quick math to determine whether it's safe or not.

      There's actually a term for dumping different temperature water into lakes and rivers: Thermal Pollution. One of the various aspects of the impact is stratification, or the fact that temperature is not even throughout a large body of water, and so small temperature changes effect specific regions of the body of water much more than other regions. The effects are also seasonal. Some bodies of water also experience eutrophication from thermal pollution.

    • You are good at math, bad at physics. Two things you do not understand are:

      1) Heat rises.
      2) Hot water contains significantly less dissolved oxygen and more dissolved solids.

      They are creating a permanent layer on top of the lake that keeps oxygen down. This degrades the amount of life in the lake. Not a huge amount, but enough to be noticed. There are significantly less fish and those that do live there are smaller as well.

      Is this a horror story? No. But if you lived by the lake, you would be pissed to

      • by topham ( 32406 )

        It's weird, it wasn't an issue 15 years ago, but is now an issue because bitcoin mining.

        The answer is: It was never an issue, not then, and not now, within the limits they've been provided. They are in compliance and the lake is perfectly capable of absorbing this temperature change.

        I hate bitcoin, but this article isn't the way to eliminate it.

      • You're also terrible at physics, as well as reading comprehension.

        As the article stated, they're putting the hot water into the outflow channel of the lake, so not only would the heat input be irrelevant, it's not even going into the lake.

  • Where are all the idiots saying Bitcoin is green?
  • This article is, of course, complete nonsense to anyone who knows what Lake Seneca is.

    But let's pretend like they're not lying to scaremonger free market currencies:

    Since the US dollar is now fiat and backed by foreign wars over oil and gas pipelines, what can we better afford as a species: one warm lake, or perpetual war to back the fiat Dollar? Assuming we had to make the choice.

    Included in these calculations is the verifiable fact that the US military is the number one polluter in the world.

    Sorry, but th

    • > we have only selfish politicians

      "Garbage in, garbage out. If you have selfish ignorant citizens, you're gonna get selfish ignorant politicians."
      - George Carlin

  • by hey! ( 33014 ) on Wednesday July 07, 2021 @09:14AM (#61558605) Homepage Journal

    Trout are fish that require cold, oxygenated water for survival. Lake trout are stressed at water temperatures above 55F and will not spawn; they die at 70F.

    There actually is a straightforward solution to this problem: cool the water before discharging it. Since they're literally in the business of minting money, they should be able to afford that; they had no problem with the 65 million dollars it took to convert to natural gas.

    When a farmer says he can't afford to produce affordable food for the market without some kind of potentially harmful agricultural runoff, that's a serious concern to weigh. The harm to the public of the pollution has to be weighed against the benefit of affordable food. But I see no reason why the public should put up with any environmental destruction from bitcoin mining operations.

  • One point I have not seen so far is a rebuttal of the notion that Bitcoin mining is purely wasteful. The resources spent to mine Bitcoin does, in fact, buy something very valuable: it buys security. An ideal world would not need security, and everything spent on security is, on a theoretical level, wasteful. All cryptography (just make it a rule not to snoop), every lock (don't open doors when not allowed), every weapon (just agree not to fight), every fence (don't walk that way), and so on. Enough peop

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