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85

The Crypto Family Farm

Blockchain’s true believers don’t always get rich.

(missing author)

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by Gabriel Nicholas. really good journalist profile

? (2019). The Crypto Family Farm. Logic Magazine, 8, pp. 85-100

86

Owen maintains the mining rigs as they search for whatever cryptocurrency earns them the most per watt, but it is his wife Cassie’s trading that really keeps the family afloat. When not homeschooling the kids, she is glued to her computer, hoping to multiply their earnings by trading the cryptocurrencies that the mining rigs bring in for others she hopes will grow in value. Now that she has a few years of experience, she knows how to spot a “scam coin” and which forums to trust. Most days, she earns a profit.

The children, who range from first grade to college, help with both sides of the business. The oldest daughter has been in charge of keeping the miners cool since she was fifteen. In exchange for fixing the fans, reapplying thermal paste, and maintaining airflow, she gets a cut of the profits. Other kids help with the trading. Those who aren’t legally old enough to have their own accounts use Cassie’s spreadsheets to simulate swapping crypto. Owen reads crypto articles aloud at the dinner table to stir up discussion, and even the seven-year old has an opinion on the family business. (She likes DigiByte, an obscure security-focused coin.) The Collins can keep everyone fed by mining and trading crypto, but only because everyone pitches in.

wow

—p.86 missing author 2 months, 2 weeks ago

Owen maintains the mining rigs as they search for whatever cryptocurrency earns them the most per watt, but it is his wife Cassie’s trading that really keeps the family afloat. When not homeschooling the kids, she is glued to her computer, hoping to multiply their earnings by trading the cryptocurrencies that the mining rigs bring in for others she hopes will grow in value. Now that she has a few years of experience, she knows how to spot a “scam coin” and which forums to trust. Most days, she earns a profit.

The children, who range from first grade to college, help with both sides of the business. The oldest daughter has been in charge of keeping the miners cool since she was fifteen. In exchange for fixing the fans, reapplying thermal paste, and maintaining airflow, she gets a cut of the profits. Other kids help with the trading. Those who aren’t legally old enough to have their own accounts use Cassie’s spreadsheets to simulate swapping crypto. Owen reads crypto articles aloud at the dinner table to stir up discussion, and even the seven-year old has an opinion on the family business. (She likes DigiByte, an obscure security-focused coin.) The Collins can keep everyone fed by mining and trading crypto, but only because everyone pitches in.

wow

—p.86 missing author 2 months, 2 weeks ago
91

The Collins also tread carefully around the power companies. The family has moved around in search of cheap energy and landed in rural Washington, where electric rates are as low as one fifth the national average thanks to hydroelectric power from the Columbia and Snake Rivers. They weren’t the only itinerant crypto miners to move to the area, especially when the price of Bitcoin grew by over 1,700 percent in 2017. According to the Wall Street Journal, some small local utilities in Washington were receiving upward of twenty calls per week from miners looking to use more electricity. Without sufficient infrastructure to meet demand, power companies have recently clamped down on crypto miners by placing limits on energy usage, requiring hefty deposits, and turning off power to those who don’t comply.

—p.91 missing author 2 months, 2 weeks ago

The Collins also tread carefully around the power companies. The family has moved around in search of cheap energy and landed in rural Washington, where electric rates are as low as one fifth the national average thanks to hydroelectric power from the Columbia and Snake Rivers. They weren’t the only itinerant crypto miners to move to the area, especially when the price of Bitcoin grew by over 1,700 percent in 2017. According to the Wall Street Journal, some small local utilities in Washington were receiving upward of twenty calls per week from miners looking to use more electricity. Without sufficient infrastructure to meet demand, power companies have recently clamped down on crypto miners by placing limits on energy usage, requiring hefty deposits, and turning off power to those who don’t comply.

—p.91 missing author 2 months, 2 weeks ago