As BTC hodls to zero, miners dump computers en masse

The earth thanks you:

It’s happening worldwide:

Major U.S. crypto mining and blockchain firm Giga Watt has filed for bankruptcy on Monday, Nov. 19, Washington daily newspaper Wenatchee World reported yesterday, Nov. 20.

The top-five crypto mining firms entrant has reportedly filed for Chapter 11 protection in the Eastern District of Washington bankruptcy court, claiming that the firm is “insolvent and unable to pay its debts when due.”

According to the court documents, Giga Watt is holding between zero to $50,000 worth of assets, with estimated the number of creditors accounting for not more than 50, while liabilities are evaluated between $10 million to $50 million.

Apart from bankruptcy, the crypto mining company is also facing eviction in Douglas County, as the Port of Douglas County has reportedly launched an eviction process.

Plenty more hodling ahead:

Comments

  1. Nelson Munz laugh. HAAAAA-HAAA

    I guess it’s back to precious metals for those who think fiat may have a wee problem in the future.

      • Lead? At US$0.89/lb and price unchanged over the last 5 years, and no role as a counterbalance to the US dollar, you clearly are talking out of your cloaca.

        Sigh, another bitter crypto loser…..

      • I have lost no money in crypto. Wouldn’t go near it. I think that lead in the form of bullets, toilet paper, shelter, warmth, water, whiskey and another number of things are much more value than precious metals if we ever find ourselves in the situation where we think that we need precious metals.

    • R2M, I believe kodiak was implying that if fiat does become truly worthless at some point, it will be your stockpiles of ammunition, not gold, that give the upper hand in ‘trade’

      • Okay then, a nice American meme to raise in Australia, where getting firearms is a major hassle and ongoing annual expense. Ask me how I know.

        Trespassers will be shot.

    • A LOT. That’s why is is such an appalling “innovation” to come from the very generation that has the most to lose from global warming.

  2. And bitcoin continues on completely unaffected other than now requiring slightly less computing power to attack the network.

      • Did I say anything about conversion to $$$$$$$?
        It was a purely technical comment. You might want to learn something before spouting on about your religious beliefs.

      • Oh I see, those poor suckers who listened to starstruck devotees like you and bought lots of crypto with real money, and who are now in the toilet, they should just tell themselves that the fiat value of the digital trash you’ve been flogging is immaterial?

        Look up ‘sophistry’, because you’re a master of it.

      • Hows real estate and the share market looking?
        How do you feel stealing others money when you profit from gold trading?

      • Hows real estate and the share market looking?

        Waaaaaay better than digicoins.

        How do you feel stealing others money when you profit from gold trading?

        I don’t trade, ’cause I’m a GODL HODLer.

      • I bought a house in 2013.
        I also mined bitcoins around that time- I’d have to go check to confirm exactly when but it doesn’t really matter.
        Guess which one made more gains, as of today. Guess which one I still owe money on.
        I’d say crypto is still looking pretty good, pity the peak of the bubble was below the point I was going to sell a lot and quite literally pay out the mortgage. Oh well, you win some, you lose some.

      • lol I am in the black no matter what as long as I don’t throw stupid amounts of money into buying, and the reality is I can’t afford to buy enough to make a difference at current prices anyway.
        May as well hodl and see if I win lotto.

      • so the tremendous luck / insight that led you to mine BTC in 2013 is going to be doubled-down on to see if you can get tremendously lucky / good twice, by hoping that you regain your “paper losses”, rather than taking real profits by selling now ?

      • Yep,
        It’s either going to $0 or $100,000+ in the future. I’m happy to take that chance.
        Would you suggest I sell and buy Real Estate or shares or put it in our banks or stick it under the mattress and wait for the printing presses to start?
        Seriously, what would you say is a good place to be putting money at present?

        Edit: Its already twice, so why not again?

      • Yeah but Peter Schiff has also advised people to use Goldmoney and those who followed his advice were ripped off.

    • You can run it on a single computer, the problem is to create a false alternate blockchain requires the same amount of computing power used to create the original. A blockchain on a dozen computers isn’t exactly secure from tampering.

      • I’ve only read headline level stuff about Stellar but I don’t think that would work… I think they have a dozen “approved” nodes to confirm their transactions i.e. random computers can’t try and take their place.

      • It works, depending on what you mean by work. The initial test of the bitcoin code would have run on a single computer. You can download it and create a fork and run it on a single computer.
        Does it provide security comparable to the current bitcoin network, not a hope in hell.

        Edit, I didn’t really look at stellar, but if they have a trusted node scheme, then they don’t need a blockchain. All you need is a database, or even paper ledger. ie the banking system forever.

  3. Maybe they could send those unwanted computers to a third-word country like Oz where we suffer daily from terrible IT.

  4. Better to find a consensus mechanism that doesn’t require specific hardware and consuming ridiculous quantities of power to solve random math puzzles. It will come.

    • It will come.

      Good to see you acknowledging the shortcomings of the present early efforts, BB. We can always rely on you to be sensible.

    • yes, one day there will be a non mined blockchain backed by a major IT company with associations to 97% of the worlds banks, and intent to use this platform as its international settlement platform. It would be great if this blockchain was capable to be used for token issuance. Imagine further if this platform had a DEX built into the protocol with atomic swap, best result routing for trades and stable coin anchors in multiple fiat currencies. to provide liquidity for all these things going on, it will end up having a network value greater than say.. $4bill. in the meantime, we can all watch in amusement as the mined currencies go to zero, where they belong.

      • The banks already have a settlement system, and it lets them keep a float of money for the settlement period. What are you smoking that makes you think they will relinquish this to an IT company?

      • What advantage does the blockchain offer over existing settlement systems?
        PS speed is not an advantage from the banks point of view, nor is decentralisation.

    • Please stop conflating Blockchain and Cryptocurrencies.
      Blockchain is a relatively simple technology that doesn’t need special hardware or lots of energy.
      SOME cryptocurrencies use an implementation of blockchain to provide a consensus mechanism.

    • I was actually thinking I get to keep most of the deposit and own the bitcoins I started with, but I guess it’s all perspective isn’t it.

  5. The Traveling Wilbur

    Well, the Wenatchee World is the leading daily newspaper in Wenatchee and East Wenatchee, Washington, United States. So I’d guess if anyone would know, they would.

    Jeeeeeeeez.

  6. Good news for gamers! GPU manufacturers can focus on whats important- making my games run at a faster framerate than my brain could ever detect.

    • watched a youtube video yesterday about the RX series of cards and in that, they started that just one nvidia OEM card manufacturer had returned 300k gpu’s to nvidia, from their 10x range.

      the arse has truly fallen out of the crypto “market” / ponzi

      • Bitcoin hasn’t been practically mineable on a gpu for half a decade. I guess some of the others are though.

  7. The chart “How Bitcoin stacks up to OTHER asset bubbles”
    How the hell can Bitcoin be classed an asset.

    • It’s a “thing”. You pay money for it. you get it. You sell it you get money. Isn’t that what an asset is?
      If you are arguing that it’s not a quality asset, then you might have a case but it clearly is an asset.

  8. Bitcoin and the other shitcoins were in a ‘glamour loop’ when they were mineable.

    The average Joe could hook up his GPU (originally even his CPU) and mine a few coins. That individual then had a direct incentive to promote the coins far and wide, acting as free marketing and promotion.

    Ironically once the prices reached such a level that professional miners and mining hardware came on board, those individuals were priced out and the marketing efforts ceased.

    Now, these coins are a negative force in the world, since they encourage hiding a small box in your workplace and stealing electricity (the only way your can still mine profitably – free electricity). Though looking at current prices, even with free electricity profitability is very low – $7USD/month with a 1060 6GB.