The dude had a pretty large bitcoin stack and invested it into a “peaker plant” power company whose stated intention was to sell power to bitcoin miners (hut8). Peaker plants only turn on when power supplies are insufficient for demand. Bitcoin miners intentionally sell their allotment of power back to the grid during times of peak demand, as the power they’re allotted is more valuable at that moment than the bitcoin they could mine(ie- they can just sell the power and buy bitcoin)
The dude is kinda straight dumb. He calls bitcoin insurance, but used his bitcoin as capital for an investment in something that made no sense, and lost his shirt.
Tortuga / 🐢
npub1e3…0qvr5
2024-11-08 02:19:13
in reply to nevent1q…rkp8
Author Public Key
npub1e3mx09yq53gyh9368qyuhfstgk8t7p5vvfcnvgwa4994y7rqg37s20qvr5Published at
2024-11-08 02:19:13Event JSON
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"content": "The dude had a pretty large bitcoin stack and invested it into a “peaker plant” power company whose stated intention was to sell power to bitcoin miners (hut8). Peaker plants only turn on when power supplies are insufficient for demand. Bitcoin miners intentionally sell their allotment of power back to the grid during times of peak demand, as the power they’re allotted is more valuable at that moment than the bitcoin they could mine(ie- they can just sell the power and buy bitcoin)\n\nThe dude is kinda straight dumb. He calls bitcoin insurance, but used his bitcoin as capital for an investment in something that made no sense, and lost his shirt.",
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