TVA awarded $18 million in credits to Knoxville cryptocurrency mine.

UT professor reveals TVA gave deep energy discounts to bitcoin mines

TVA basically enticed this crypto developer – Bitdeer – to Knoxville with the promise of energy discounts through credits...
...
Bitdeer is a cryptocurrency mining company. TVA was giving incentives to not just Bitdeer but a lot of cryptocurrency companies to come to the region. At one point, the then-CEO Jeff Lyash actually told me that he was meeting – I think this was in 2023 or 2024 – with about 300 cryptominers to talk about energy in the region.

...they were making energy incentives pretty attractive to the crypto miners because it's a huge revenue source

As reported previously, Melanie Faizer, a journalist and professor at the University of Tennessee, had to sue TVA to get this information.

It’s a big win for the asset industry — giving financial managers access to some of the $12.2 trillion in Americans’ 401(k) and related retirement plans.

Knut Rostad, co-founder and president of the nonprofit Institute for the Fiduciary Standard, also fears private assets in 401(k)s could put retirement savers at risk of big losses.

“I think in practice, there’ll be many fiduciaries who ignore this directive because they understand precisely what will result from it,” he said, referring to Trump’s executive order. “The result will be a massive train wreck where many people are seriously hurt. Their retirement accounts will be annihilated.”

Trump paves path for private equity and crypto in retirement accounts

Sadly, multiple persons in Knox County were ripped off of $850,000 in crypto bitcoin investment scam

I hope no one lost everything. If it sounds too good to be true, it is. If you can't afford to lose the investment/gamble, don't do it.

Be careful out there.

As we've said before, "Does civilization really need Bitcoin?"

"Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems with heavy duty computers that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin."

..."crypto has a dirty little secret that is very relevant to the real world: it uses a lot of energy. How much energy? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece — making crypto a significant contributor to global air pollution and climate change."

... "the computer power needed to create each digital token consumes at least as much electricity as the average American household burns through in two years..."

"But many virtual currency aficionados argue that the energy consumption is worth it for the grander cause of securing the Bitcoin and Ethereum networks and making a new kind of financial infrastructure, free from the meddling of banks or governments."

Crypto markets pose real risks as referenced by recent events. "The May crash of a so-called stablecoin and the subsequent wave of insolvencies wiped out over $600 billion of investor and consumer funds."

"President Biden’s March 9 Executive Order (EO) on Ensuring Responsible Development of Digital Assets outlined the first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. "

Not mentioned by the White House, but should be considered is to outlaw bitcoin mining.
However, "The White House Office of Science and Technology Policy recommended in a report Friday that greenhouse gas emissions and other environmental impacts stemming from crypto “mining” should be limited."

I just don't understand people who want free of banks and governments. Nor, do I understand people who don't care about the climate and our world. On the other hand, maybe I should come up with my own currency, sell it to the masses, make a lot of money, then shut it down leaving the Mrs. currency useless.

..."when China, which dominated world production [of cryptocurrency/bitcoin], cracked down on such operations last summer, worried about the volatility of digital currencies."

"Companies forced out of China began scouting new locations across rural America."

"Appalachia, with its cheap electricity from coal, natural gas and hydro, was already attractive to bitcoin miners..."

“We couldn’t have people over to gather in our front yard because we could hardly hear one another talking..."

China doesn't want it but government and business in the U.S. scream freedom! Capitalism! They don't care about anyone but themselves and the mighty dollar. Hope this isn't what people were offering when they promised to get workers out of the coal mines.

As previously posted, "For the first time, a US city has banned cryptocurrency mining after large-scale operations used up all its power."