by Travis Mateer
The progeny of two Missoula-based names that sing the song KA-CHING have announced their intention to turn 77 acres in North Dakota into a $1.9 billion dollar crypto-mining facility.
Here is Rick Tabish, Kevin Washington and the Governor of North Dakota discussing the plan to build out this vast infrastructure near the eastern border of Montana:
Tabish is president of FX Options Inc., an organization registered in Missoula. Washington, the son of Missoula-based billionaire Dennis Washington, is the founding father of Atlas Energy.
Tabish, Washington and North Dakota Gov. Doug Burgum held a press convention on Wednesday in Williston to speak in regards to the challenge.
Washington mentioned he needs to “create the most important cryptocurrency firm on the planet with a carbon-neutral footprint.” To take action, they’ll make the most of carbon seize expertise, and Burgum has mentioned that the state has permitted a minimum of two carbon seize tasks.
Cold, northern states with low energy costs are quite attractive for building the physical engines of intangible digital coins. And the use of energy is what Missoula County focused on around this time last year when instituting permanent zoning. From the link:
Saying it consumed a “grotesque” amount of energy, Missoula County this week unanimously adopted permanent zoning that regulates where the mining of cryptocurrency can take place, and the type of energy it can use to power the process.
Citing a moral imperative to address the climate crisis, the new regulations require any cryptocurrency mining operation within the county to either purchase or develop enough new renewable energy to offset 100% of its electrical consumption.
Personally, though marginally invested in Bitcoin, I have no idea what to make of this rise of digital currencies. I can see both positive applications and also a very real possibility of technocratic enslavement.
One thing I’m fairly certain of, nothing good comes from ignoring potential problems. Digital currencies are here. What we choose to do with them is up to us.
Another assumption that should be challenged is the assertion that greenhouse has emission contamination of the atmosphere can be “offset” by developing and equivalent amount of non-fossil fuel energy. That’s silly on its face. You can’t remove turds from the swimming pool by adding water.
The greater question here is not about Bitcoin mining nor carbon credits allowed, but how many public dollars, i.e. tax revenue, are being granted to “assist” this construction. And its corollary: How many private dollars, i.e., “campaign contributions”, etc., have been given to grease the skids?
It is quite probable, almost certain in fact, that both Tabish and Washington know how to work the system for their own benefit and Gov. Burgum is more than willing to participate, also for his own benefit. After all, it will provide at least 30 full-time jobs once it is operational and for that, the citizens of North Dakota ought to be grateful that someone else is watching out for their own good.
“Personally, though marginally invested in Bitcoin, I have no idea what to make of this rise of digital currencies. I can see both positive applications and also a very real possibility of technocratic enslavement.” — Travis Mateer
The only difference between Travis and myself is that I am not invested at all in Bitcoin or any other cryptocurrency.
For some, this would be considered lunacy. Who could turn down an opportunity to take advantage of a “get-rich quick scheme”? Well, I have and do not expect to change that any time in the near future.
There is only one reason why Bitcoin, the American dollar, and the US government (any other government, for that matter) exist, survive, and prosper. Only one–full faith on the part of those who are true believers in the system. Without backing of tangible means, each is vulnerable to complete collapse should that faith ever be withdrawn by its adherents.
The up and down market price of Bitcoin is a record of that. Today, more people buy in and the price goes up. Tomorrow, more people sell out and the price goes down. In essence, it is a crap shoot as to whether the price will go up or down. You pay your money and take your shot, which might pay off. Then again, it might not. In other words, not much different than the stock market, Las Vegas, or state lotteries.
It is entirely possible that Bitcoin (and other ventures of like nature) are nothing more than Ponzi schemes, which are found out and disappear after there are no longer enough suckers left who will pay in today hoping for a large payout tomorrow. It is also true that Bitcoin, et al., are completely legitimate and I am a damn fool for not taking advantage of them to get rich quick.
Time will tell. In the meantime, since I have never bought into it, I cannot lose if the price goes to zero. Which it might. Full faith, you know.
How quickly local media and pundits forget about the history of Rick Tabish, including his and his girlfriend Sandra Murphy’s role in the murder of Ted Binion. There are hundreds, if not thousands of articles about this sordid piece of history. I can’t believe that anybody seriously would want to get into this level of a business arrangement with him. Maybe he supplies the coffin and burial method of his marks’ choice…