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Cryptocurrency
Video

Cryptocurrency

Virtual Money, Real Power, and the Fight for a Small Town’s Future

CBS News, 2018

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Editorial Rating

8

Qualities

  • Overview
  • Concrete Examples
  • Engaging

Recommendation

Cryptocurrency mining is an energy-intensive business that lures prospectors to communities where electricity is cheap and abundant. But what externalities does digital currency mining wreak upon those neighborhoods? CBS News correspondent Errol Barnett investigates. getAbstract recommends his thorough case study to digital entrepreneurs hoping to strike it rich and to communities considering a foray into cryptocurrencies. 

Take-Aways

  • Cryptocurrency mining is luring entrepreneurs with the promise of an easy, passive income source.
  • These operations rely on copious amounts of cheap energy to run and cool the servers that mine for digital currency.
  • Residents living in regions with lower energy costs – such as Wenatchee, Washington – worry that cryptocurrency mining is a fad that will invade their communities, exploit their resources, collapse and disappear.

About the Speaker

Errol Barnett is an anchor and correspondent for CBS News.


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