Bitcoin mining has been a hot topic for a few years now as many people have tried to get in on the craze and either made or lost a lot of money. Everything may be changing though, because at 7:14 am this morning, deep in the mountains of Utah, a large new vein of bitcoin has been found.
Previously people have been using large buildings full of servers to mine bitcoin, but now that they have found a physical mine, they can begin mining with more traditional techniques. Strip mining is slated to begin next Monday, with fracking to begin in the following weeks. Sources say that there could be over $1 billion dollars of bitcoin in the mine. Several smaller bitcoin miners have started a petition to open-source the mine to create more jobs as well as help spread the wealth out from the 1% of miners who currently claim ownership.
This situation may be more complicated than it initially appears though, with conflicting opinions from several potential governing bodies. Our sources in the federal government indicate that because it is on public land they believe they should be able to grant use of it to whomever they so please. Several previous deals with oil and gas companies have shown that the feds do have the clout to make these kinds of deals and agreements with little opposition.
Standing in opposition to the feds this time though is the EPA, who believe that the mine should not be worked because of dangers to the environment. When asked about which parts of the environment they believe is in danger, they simply replied with “the green part”. While we aren’t certain they have any idea what they’re talking about, since in the past they have displayed countless times that they don’t generally care for the environment in any appreciable way, we do see them as a serious threat to the governments claims of the land. The EPA has indicated that it will continue to “protect the environment and stuff” by pursuing this matter in the supreme court.
Finally, a third group that is claiming interest in the mine is the Open Internet Continuum that wants to shut down the mine purely to protect the rights and interests of the existing bitcoin mining operations. With recent legislation that has removed net neutrality, they are afraid this mining “fast lane” could eradicate existing bitcoin miners entirely.
So What Now?
We got in touch with an employee from the mining company to ask about how they see the next steps playing out. They requested not to be identified due to the volatility of the situation, but were willing to answer a few questions.
iTag Live: So tell me, Bri– uh… mister… How long have you been working on this new discovery?
Unidentified Person: We’ve been working to get this new mine functional for about 2 months now. It’s been really tough living conditions, because, you know, Utah, but we’ve been trying to stay focused on the goal of being the first into this new gold rush.
iTag Live: So what have you been promised in terms of pay? I assume you aren’t just mining for free.
Unidentified Person: They told us that we would be paid with bitcoins. I think the paperwork I got said “10 bitcoins” but I’m sure it’s more than that, because how do you live on just 10 coins.
iTag Live: Yeah… How are the safety conditions down in the mine? Is everything on the up and up?
Unidentified Person: Well, we’re in a mine, so not a whole lot is “up”, but so far there haven’t been any casualties. I really shouldn’t say much more, because I don’t want to get anyone in trouble.
With so much money on the line, we expect that this story is just starting to unfold. Even we here at iTag Live have turned to cryptocurrency mining to pay for the news service that we provide, so we seriously hope that this new bitcoin mine won’t artificially deflate the price of cryptocurrencies in general.