#electricity

In Indonesia, miners were found illicitly connecting their Bitcoin mining rigs directly to the power grid poles, effectively stealing electricity. Law enforcement revealed this information after conducting multiple raids across various sites.

Coingecko has just unveiled a report that details the countries where mining 1 BTC could be either a lucrative venture or a costly mistake. For example, mining a Bitcoin in Lebanon would cost only $266 in electricity, while the same task in Italy would run a shocking $206,000, or 783 times more. Out of the top 10 nations with the highest electricity costs, 9 are European.

The Biden administration has reiterated its proposal to implement a 30% excise tax on electricity used by miners, targeting the 2025 fiscal year's budget. This move mirrors a similar proposal from last year, which ultimately was not adopted.

A bitcoin mining operation powered entirely by "green" nuclear energy has just launched in Pennsylvania. TeraWulf has announced that it will be using the Susquehanna nuclear power station to mine BTC. The key details about the project: Nuclear power station capacity – 2.5 GW. Fixed cost of electricity – $0.02 per kWh for five years. Planned load – 50,000 mining rigs, 160 MW. Actual load at present – 8,000 mining rigs. Computing power – 5.5 EH/s. With such a low electricity rate, this project promises to be highly profitable even in a bear market. Indeed, it's a far cry from mining BTC in a school's crawlspace!