I’ll ignore yet another set of Hinderaker falsehoods, about American crime and race data, tonight. But John always lies like this (and I disassemble his little whyte wagon for him, always). It is so repetitive as to be… boring. No one believes him — at least no sentient human.
So instead — with tomorrow being Earth Day… let’s switch the beat:
Riot Is Now Certain To Be In The Red, Tomorrow — 24 House Democrats Want Answers…
As Earth Day arrives — for the 52nd time — in the USA…
The House Committee Chairman responsible for the intersection of energy, and environmental policy has just written the EPA — to have the agency look closely at whether miners, like Riot and Marathon, and Core… are fully compliant with existing federal law.
I’d be willing to bet a full mug of frosty root beer, with a big scoop of real vanilla ice cream… that Riot’s Whinstone facilities in rural Texas have some compliance problems, relative to just the existing EPA rules.
“But wait! — there’s more!” There is now an entirely new call for tight regulation of all proof of work crypto-… the kind that Riot is completely wedded to. Riot’s hardware, perhaps now almost a billion dollars invested — cannot mine anything other than Bitcoin. It is hard coded in to each rig — no proof of stake mining can be configured on these Bitmain boxes:
…Of particular concern is the inherently energy-inefficient “Proof-of-Work” (PoW) mining technology to validate transactions. PoW-based cryptocurrencies include Bitcoin, Ethereum, Monero, and Zcash. A single Bitcoin transaction could power the average U.S. household for a month. According to estimates by researchers, Bitcoin produces annually carbon emissions comparable to Greece. Less energy intensive cryptocurrency mining technologies, such as “Proof-of-Stake” (PoS), are available and have 99.99 percent lower energy demands than PoW to validate transactions….
People living near crypto mining facilities are already suffering the effects of air, water, and noise pollution from these facilities. We acknowledge and appreciate your continued work to investigate and reduce the risks posed by industries such as cryptocurrency PoW mining to vulnerable and underserved communities. We look forward to your response….
In short, if/when proof of work is outlawed, Riot’s entire business model becomes… unlawful. [Can’t say we didn’t warn you, back when Mr. Biden’s executive order was signed — see image at left.]
Yep, Riot will fall tomorrow (it is already down over $0.30 in the after hours market), and so… I may need to put on a new round of puts, having just closed out my last round, down from $24 to $12.50 tonight.
Hilarious.
Powerline Lies... 