Ukraine Security Service Shuts Down Illegal Crypto Farm With 3800 PS4 Consoles Sucking 200k electricity monthly

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Jul 12, 2021.

  1. Kaarme

    Kaarme Ancient Guru

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    Regular currencies are backed by countries, or a group of countries in Euro's case. It's a huge deal for a country if their currency crashes, especially huge if they have got loans in foreign currencies, so there's quite a lot of pressure to make sure a crash doesn't happen. It still does happen, sometimes, when a dictator with "brilliant" ideas starts to drive his own financial plan in the country, like happened in Zimbabwe, for example. Crypto currencies are backed by absolutely no clear agency whatsoever. In fact it's easy to see the fluctuations in the crypto prices, and the larger cycles, are exactly what many major crypto players love. They are poison for anyone wanting to use it for regular transactions only, though. However, without the possibility to use it for regular transactions, it's not a currency at all.
     
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  2. vbetts

    vbetts Don Vincenzo Staff Member

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    Wait you can mine on a PS4? I have 2 of those!
     
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  3. Embra

    Embra Ancient Guru

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    Start digging! :)
     
  4. The Laughing Ma

    The Laughing Ma Ancient Guru

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    Wouldn't have had to trace any odd internet or power usage spikes to track that one down, with that many PS4s running at full pelt the place must have sounded like a jet aircraft at take off 24/7.
     
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  5. Reddoguk

    Reddoguk Ancient Guru

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    Life is cheaper than you think. 10 grand is way over the price reported nowadays. A guy in Scotland was doing hits for as little as 2-3 grand.
     
    Last edited: Jul 13, 2021
  6. Babel-17

    Babel-17 Member Guru

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    I think part of the reason that mining hasn't been "cancelled", yet, is that some of those who are big into cancelling are also into owning crypto. Just an observation of how some people suddenly display an unexpected libertarian streak when the subject comes up, lol. But it's possibly just one Greta Thunberg denunciation away from looking very vulnerable to various forms of sanctions. Which has me wondering about what people have her ear, albeit Ms. Thunberg seems capable on her own to have an opinion already.
     
  7. DannyD

    DannyD Ancient Guru

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    Purchasing crypto with fiat will be outlawed way before mining ever is IMO.
    I can't see crypto going away, way too popular.
     
  8. TheDeeGee

    TheDeeGee Ancient Guru

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