Crypto Rebels At It Again, Don’t Do This – 242

Foreign There are still crypto Rebels out there Doing things that they probably Shouldn't be doing there was a secret Crypto mine operated for months without Detection in I believe this is Massachusetts a Cohasset employee Charged with stealing thousands from Town to power a crypto mine Officially a Nadeem nahas worked for the Town of Cohasset in the facilities Department but the Cohasset Police Department alleges he also secretly Operated a cryptocurrency mine inside a Crawl space in Cohasset middle school High school stealing nearly eighteen Thousand dollars in electricity from the District to do so in December of 2021 School staff called Cohasset police Officer officers after finding multiple Computers wires and ventilation Equipment inside a scroll space in the Building that houses Cohasset middle and High school police say the town's I.T Director recognized the setup as a Crypto mine and town investigators Enlisted Enlisted the help of the Department of Homeland Security to Remove the equipment and examine it look At this man this guy had ventilation Going and everything my man this is this Is this is pretty fantastic in my humble Opinion because like hell yeah dude is This guy guy didn't just like plug up a

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Couple and then stop there he was like No no sir no sir please we're gonna have Proper ventilation we're gonna we're Gonna make sure we take care of these Rigs that are that are illegally mining In the school after three months after a Three-month investigation police say the Mine ran for eight months racking up Seventeen thousand four hundred ninety Two dollars in electricity they Identified assistant facilities director Nadine nahas is the man who set up the Mine he's now facing charges of Fraudulent use of electricity and Vandalizing a school Babson College Professor of information technology Management Steve Gordon is a Cryptocurrency expert he is unaffiliated With this criminal case but explain the Process of crypto mining to five Investigates Quote crypto mining is the way in which A network that supports a cryptocurrency Is kept secure he said one of the Reasons that they call it mining is that When a miner actually creates a new Block adds some transactions to the Blockchain they get rewarded with coins That are created out of thin air end Quote uh you know we could say created Out of thin air or you know part of the Consensus mechanism to to secure the Blockchain we know that basically it's Not out of thin air it's out of

Necessity for processing transactions And adding security to the network right This is what we know it as for miners There is a value there and there is Tangible relation to the cost of power As well high-powered computers must Continually work to solve complex Problems aiming to validate connections And keep crypto transactions secure when They are successful miners are rewarded For their efforts with new coins Potentially netting thousands of dollars Bitcoin miners for example get currently Rewarded with 6.25 live Bitcoins of Course this comes down to the having Cycle and we'd have to talk about that Here coming up really soon in like April Of 2024 we'll have the next having which Will of course cut this down to 3.12 as Far as the amount of Bitcoin newly Minted Bitcoin but you do not only get Rewarded with the newly minted Bitcoin You also get rewarded with the fees for That particular block so if somebody is Going in and making a transaction they Pay a certain amount of fees to that Block and when that gets solved you also Get that as a Bitcoin miner which is why I talk about really breaking out of the Having cycle and into what some call the Macro cycle really requires the amount Of Bitcoin newly minted Bitcoin coming Onto the network per Block matches the Amount of fees per block right that's

Why I say that's when I think we'll Break into a macro Market But the high-powered computers must run Constantly in turn consuming a large Amount of energy Well it is estimated that the total Amount of energy used in the Bitcoin Blockchain would be enough to power a Small country like Switzerland or Something like that end quote Gordon Said in a place like Massachusetts the Cost of electricity eats any potential Profits from mining five investigates Karen Anderson asked Gordon if it makes Sense to try crypto mining anywhere in New England quote not really Gordon Answered not unless you make an Arrangement at some point in time with An energy provider to provide it very Cheaply now of course there is the Bitcoin mines that are in the like newly Renovated Um dams and stuff we've seen that on the Hobbyist miners channel of course and With the the company there that Basically refurbished a in New York Refurbished a dam to go ahead and mine Out of that there are these potentials For you know use cases within the Northeast but they're very few and far Between right so instead this guy stole It the Haas resigned from his position With the town of Cohasset in March of 2022 when reached by phone the husk

Declined to comment nahas failed to Appear in Quincy District Court on Thursday a warrant has now been issued For his arrest the dude run into El Salvador just kidding let's see what Happens and we'll continue to follow This Stealing power is bad right like if you Here's the thing as a crypto Miner it's Important to understand something if you Genuinely believe that what you do is Providing a service and it has value Then you have to believe that your value Is tied specifically to how well and Efficiently you utilize power the only Reason you should be being paid is that You actually do participate within the Ecosystem by providing that power to the Network and if you are not paying for That power then it is not your crypto Not your power not your crypto we've Talked about this too before as far as Being careful when you are hosting and So on because the negotiations of power Purchase agreements Etc being put to a Single company can't result of course in Situations like we saw with compass Mining for example where they didn't Have good purchase agreements Etc and Had issues with and disputes with their Power companies and their power Distribution companies right and what That does is that puts you in a in a Position where if you were renting from

Them your equipment gets shut off for a Time being are they still charging you All that sort of stuff you know be very Careful with essentially any type of Rental Right anytime type of Hosting Program that sort of thing there's lots Of good guys out there you know I always Put it this way the I mean it's the Easiest way to put it when it comes to Hosting the path to hell is paved with Good intentions I do not think that There is intentional uh intentional Malfeasance is that what whatever that Word is that the right word I don't Think that anybody's intentionally Trying to screw out screw you over if You're hosting with them that being said I think that a lot of people jump in to Hosting seeing is it as a way to earn Potential passive income and like I've Said before I don't believe in passive Income and when it as it pertains to Mining it's very clear that there are a Lot of factors not only from your power Company that you have to take into Consideration but also from the Reliability of the miners that you host And that can put you in a position as a Whole like a hosting company that can be A very very dangerous so you have to be Extremely careful and if you are you Know the person that is that is the host E right you're sending your equipment to Be hosted you can end up in a position

Where it's like well you feel bad for The company that's hosting because they Negotiate a bad power deal or power got Shut off for a time or your Miner Started failing on them all these kind Of things and it can come down to a lot Of different things as well like is the Area cooled well enough all that sort of Thing to make sure that you know whose Fault is it is it if if you have an Antminer s19 XP right that ends up Taking a dump where was it the hosting Facility's fault because they didn't Have proper ventilation or is it bit Maine's fault for you know not building A reliable unit and in the case of like Maybe a t17 it's probably bit means Fault but maybe in the case of an S9 19 Non-xp it's it's bit it's you know the The hosting fault it's really hard to Determine that and you know I would ask For for example if I was having any Hosting done you know intake and exhaust Temperatures on my unit right I would Ask for logs coming out from it so that I understood what that intake and Exhaust temperature was so that I could You either make a decision on to on Whether or not to allow them to continue To host my unit or if that temperature Was at a point that I thought that it Was putting it in a compromised position To melt those hash boards thanks for Checking out this clip from the crypto

Mining show you can check out the full Episode here or more crypto content down Here also I'd like you to check out my Locals page at son of a tech.locals.com Where you can become a member for free Or choose to be a five dollar a month Supporter that unlocks additional Content

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