I didn’t realize how much electrical power Bitcoin mining operations use until I read up on the subject. The Bitcoin mining facility at Medicine Hat last Friday used just over 62 megawatts of electricity, equivalent to the amount of power usually consumed in the entire city during this time of year. Bitcoin mining operations consist of high-powered computers that are used to confirm Bitcoin transactions. The miner is paid the digital currency in return for its services. The value of a Bitcoin has fluctuated wildly from a high around $20,000 to a low of about $7,000. The cryptocurrency business is attractive in areas that have a lot of natural gas and to companies that generate that gas. Natural gas can be used to generate the massive amount of electricity Bitcoin mining requires. Obviously Bitcoin isn’t a necessity of life like heat and light for our homes and businesses but if there’s money to be made, and lots of it, you know someone will take advantage of it. The CEO of a major Bitcoin operation says Bitcoin was created during the financial crisis circa 2009 and has served a purpose for those who don’t necessarily trust their government or their central banks. That’s fine for him to say in his position but cryptocurrencies, which bypass banks and governments, are also great for criminals and many of us do still have enough trust in our central bank and government to the point we don’t want to risk our money in Bitcoin.

That’s Coffeetalk. I’m Vic Dubois.