bitcoin

Cryptoslate shout out! Also, upstate NY is pretty awesome to mine Crypto

Thought this was kinda cool, we got a shout out from Cryptoslate!

I’ve been getting contacted from a few different reporters asking about this, and I had no idea such a big investment was coming into the North Country. Coinmint already has a plant set up in the same building we’re located in, but opening one of this scale, bringing in some 150 jobs and $165 million in investment is huge for the area. Upstate NY really needs it too. To set the record straight though, Plattsburgh BTC and Coinmint are not connected at all except for sharing the same warehouse.

When I started I was surprised that nobody had jumped on it already, as my research showed Plattsburgh had the second cheapest electric in the country and the cheapest on the east coast (#1 being in Washington state of course). With the added benefit of it basically being America’s Siberia, so it’s easy to cool those Antminers. The cheap electric was because of an odd agreement the city of Plattsburgh has, some historically weird thing I’ll try to explain here. This is the general idea but if I have anything wrong let me know.

In the past Plattsburgh got ALL of its power from local hydroelectric as there are tons of drain off from the Adirondack mountains and the Saranac river runs through the city, but then there was this huge project to harness the St. Lawrence river, and that could deliver a lot more power. It’s one of the largest hydroelectric plants in NY state. With the St. Lawrence river being so close, we cut a deal with them so they could sell to us for cheap (to entice Plattsburgh to give up its own self-sufficient hydroelectric), and so now all of Plattsburgh’s power comes from the St. Lawrence river locked in to a very low rate. There is a catch though: this is not permanent deal and I think it expires in another 15 years, and the limit is 110 mW. Also, it only applies to the municipality of the city of  Plattsburgh (not the surrounding town), a geographically small, almost completely built-out area. Right now about 50 mW of power in the city of Plattsburgh goes to mining bitcoin, possibly more.

So about half of the City's power goes to mining bitcoin. And most of it goes to a single warehouse!

If I played any role in bringing in some companies to the area with the website/social media, I feel great about that. When I moved into the warehouse, I was the sole tenant on that floor. The area really needs jobs and these are good paying, technical type jobs. The warehouse I started in now has about 6 medium-large scale cryptocurrency mining operations, and with the crackdown in China, South Korea and Venezuela there will be more coming into the area if the demands can be met! I know a few interested parties are looking to bring another 30 or so mW of power online. That's huge, the one in the article is "only" half that. And then there's still lots of latent hydroelectric power to go around.

If you are considering, be respectful of the the people, get involved with how things work around here, maybe have your own websites to talk about what you do so people are aware. If we got ASIC suppliers or manufacturers coming to or starting up in the area it could be synergistic to the companies already in place and form a legitimate industry. It could definitely make logistics easier when upgrading to use a local supplier. And don't forget about maintenance! Also, there are no major ASIC manufacturers in the US. Why not Plattsburgh?

Auxilary industry aside, this is a huge opportunity for Upstate NY. We have some of the best conditions to mine cryptocurrency at large scale in the US.

A bitcoin book? More legitimate Plattsburgh BTC!

I recently discovered that I get a lot of joy out of writing, although it might not show here because I haven't updated in a bit, ha! 

I realized that after following and studying bitcoin, economics, monetary policy, blockchain tech and all of that for as long as I have I have a lot to say about it. So I decided I wanted to tell the story of bitcoin from my perspective, for what it is, what it isn't, and what it could be.

I think this is important now, especially since there is so much newly found interest in cryptocurrency and of course lots of misinformation. But this will probably be a long-term project, because I want to verify that I get things right. I'm sure going to try, and it will give me something to balance my time with medicine on breaks and downtime. If there is "downtime" in medicine...

Also, I should mentioned that I made a minor change to the share system. Basically, I brought it down to 4 tiers, all priced at the same exact rate to simplify things. They will go on for a month each, and payouts will continue to be on Mondays. 

Oh! and Plattsburgh BTC just got a lot more legitimate. We are now officially a LLC and have registered Plattsburgh BTC as a trademark. You wouldn't even think we are *temporarily* housed in a basement again. Yay!

Expansion update 2

To get this off the ground, the biggest challenge has definitely been getting all the power we'll need. Using AC during the warm months, the new rig will probably be drawing about 20 kW, so I'm having them wire some circuits at the warehouse. The first PDU came in to make sure that things are running right when they're done, since I'll likely need at least two more of these. If everything goes well, I hope to get this ball rolling ASAP! Please comment below on what you think about this-I have a science background, so a lot of this is completely Greek to me.  I'd appreciate all the help I can get.

Oh, and not to get too excited, but I may have found a partner to help some with funding the project. 


Expansion update 1

So as I've mentioned, the expansion should be happening soon! The goal is to have 20 TH, and within a few years slowly work that up. For now, theres a few little things I gotta work on with the guys at the warehouse, and then just wait for the equipment to come in. So I'm hoping that this will be done by the end of September. So far, I know they have redundant internet connection with a fiber optic line, and onsite hydroelectric power. So theres plenty to go around! I don't have pictures of the space they're giving me yet, but I'll keep an update here. At the moment, their working on wiring the extra plugs that I'm going to need.

Oh and also, It's going to be a little bit tight as all of this is getting setup-even a small donation would really go a long way towards making this a reality. 

 

Beginnings

This is the beginning! Right now, what I have running is working out of my spare bedroom. Yes, I'm sure that sounds terrible, but I had to start somewhere. Prior to this I didn't really know that much about bitcoin, but it's been a bit of a learning curve for sure. So as I learn, I'm going to pass it on here. And from selling on eBay a little, I thought having a website might be a good idea. Hope you enjoy!

So far, this is what I have. The laptop runs Bitcoincore, and there's 8 Antminer S'3s. I'm working on getting a space at a local warehouse where I'll be able to get more power, because as it is I've pretty much tapped 3 circuits. When I was setting this up I kept overloading the circuits, but live and learn!