Mining bitcoins is a notoriously electricity-intensive process better suited for areas where resources are subsidized by the government (like the mountainous Northern China, where a cluster of some of the world’s largest mining pools are located), or are at least exceedingly cheap. Cities like New York, are, of course, not ideally suited for the task of mining. But then again, if you’re not paying for the electricity, then it may as well be free, right?
That, essentially, was New York City teacher Vladimir Ilyayev’s plan when he started mining bitcoin on his work computer, running the software during the evening while monitoring it from home, according to CoinDesk, which discovered paperwork relating to Ilyayev’s hearing before the BOE’s Conflicts of Interest Board.
‘According to a recently published disposition from the City of New York Conflicts of Interest Board, department employee Vladimir Ilyayev admitted to mining bitcoin between for a period of several weeks between March and April 2014. Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, generating new coins with every block that is created.’
This post was published at Zero Hedge on Aug 1, 2017.