On the evening of May 29, the power was out in the two front rooms of Stanley Edgar’s Rockwall, Texas, home, where he lives with his 32-year-old son Brandon, Brandon’s girlfriend and the couple’s children. Brandon’s girlfriend had plugged in a vacuum cleaner, overloading the circuit breaker.
This wouldn’t happen in most houses. But the Edgar house is different.
It soaks up nearly four times the electricity consumed by a typical Texas home. Most of that goes into heavy-duty computing hardware that the Edgars use to “mine” for cryptocurrencies like bitcoin.
They are part of a growing community of Dallas-Fort Worth cryptocurrency miners who are spending tens of thousands of dollars to tap into the capricious world of cryptocurrencies, digital, decentralized currencies that represent more than $270 billion in wealth. The beating heart of the cryptocurrency ecosystem is often made up of die-hard “miners” like the Edgars.
“It’s kind of like buying penny stocks,” Brandon Edgar said. “You hope it hits the moon.” Miners use the high-powered computing hardware to verify and tally up the “blocks” in a blockchain —logs in a online ledger that keep track of digital currency transactions. Read more from bendbulletin.com…
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