Bitcoin mining good for region: Port of Douglas economic development manager Bitcoin mining good for region: Port of Douglas economic development manager
22 Hours Ago | 02:53
The cryptocurrency craze is helping many people rake in money, but it is also putting pressure on the electrical infrastructure of a small county in Washington state. "Our infrastructure is actually being put to the test. We're full," Ron Cridlebaugh, the Port of Douglas County economic development manager, told CNBC's Michelle Caruso-Cabrera on Thursday.
Electricity in Washington state is considerably cheaper than in most places in the U.S. The average electricity price per kilowatt in the state is 4 cents. The national average is 7 cents.
People have been trying to get in on the action by purchasing these digital assets or by "mining," or creating, them. But the mining process requires a lot of electrical power as computers process gargantuan amounts of data.