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Bitcoin’s massive power consumption is the cryptocurrency’s dirty secret. To mine bitcoin, computers across the globe chew through enough electricity to power a medium size country, somewhere on the order of the Netherlands or Poland depending on the estimate.
In fact, electricity has become such a significant factor that one private equity firm owns a power plant to mine bitcoin. The company, Greenidge Generation, said at one point that they could mine one bitcoin for less than $3,000. Even today—at $40,000 per bitcoin, some 30 percent off its peak—the potential for profit is real.
Which is why an investor-owned utility
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