Power grid braces as cryptomining comes to Ontario

The old Wonka Mini Storage next to an Idaho Power substation in Ontario is being converted into a bitcoin mine by an Idaho-based real estate development firm, the Pines Townhomes, LLC. (The Enterprise/Joe Siess)

ONTARIO – Coming at the tail end of a global rush on cheap electricity in the Pacific Northwest, a Fruitland real estate development firm is installing a bitcoin mining operation in an old storage facility north of Ontario.

Bitcoin, a type of cryptocurrency that exists digitally, requires substantial electrical power to mine. Successful mines could potentially generate millions of dollars in revenue.

The bitcoin mining process involves employing a fleet of high-powered computers to crunch a series of complicated math equations. The longer the computers work on the high-speed calculations, the greater the chance of extracting bitcoin. 

You've reached subscriber-only content

Register for free to continue reading  Free 3-day trial

Already a subscriber? Log in here.