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From "Why Texas Republicans are Souring on Crypto" from The Economist https://archive.ph/eIXGc
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this post was submitted on 08 Sep 2024
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This might not be strictly accurate, based on this statement in the article:
At current price of $54k/bitcoin that comes to $378 million in revenue per year, with $210 million electricity cost. I'm sure they have other expenses though. They don't seem to sell most of the bitcoin they mine, opting to hold it for the future (when it will be worth zero dollars
).