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CONNECT Bitcoin Mining -- USAGM

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Metadata
  • CONNECT Bitcoin Mining -- USAGM
  • March 28, 2022
  • Content Type Package
  • Language English
  • Transcript/Script CONNECT Bitcoin Mining (TV) HEADLINE: A Cleaner Bitcoin TEASER: Currency creator relies on renewable energy PUBLISHED AT: 03/28/2022 BYLINE: Aaron Fedor DATELINE: Niagara Falls, New York VIDEOGRAPHER: Aaron Fedor PRODUCER: Kathleen McLaughlin, Kyle Dubiel, Jack Lacy COURTESIES:    SCRIPT EDITORS: EA  VIDEO SOURCE (S):   VOA  PLATFORMS (mark with X):  WEB __ TV __ RADIO __     TRT: 2:55 VID APPROVED BY: EA   TYPE: VPKGF             EDITOR NOTES: ))   ((Eds: This is a self-narrated feature. There is an accompanying music track))  ((INTRO: The digital currency Bitcoin takes a lot of electricity to produce. Aaron Fedor reports for VOA from Niagara Falls, New York, on a team trying to mine Bitcoin sustainably. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) Blockfusion is a block chain infrastructure company that uses renewable energy. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) So this is our facility here in Niagara Falls, New York. We're converting this facility from what was an industrial building to a data center to mine Bitcoin. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) At the time, this factory was being used to actually strip down for scrap metal. Prior to that this was actually a power generation plant where they were using coal and fossil fuels to generate, unfortunately, dirty power at the time. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) At the facility we actually mine Bitcoin. So traditionally people would think about mining Bitcoin or, you know, like mining a resource, right? Very expensive equipment. Guys with hard hats underneath the earth trying to actually get resources. In this particular case, we're mining Bitcoin and while we are leveraging expensive hardware to do so, the resource is really about how quickly you can actually solve a particular algorithm, mathematic equation, on the blockchain to be able to go and obtain one Bitcoin. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) So I'm going to show you the miners themselves. These are not individuals mining. You'll see the actual computers themselves. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) One of the things that I wanted to talk about was each one of these computers do not work individually. They actually work together. They pool together the resources and the processing power like a supercomputer to be able to do the algorithms to actually be able to mine one Bitcoin. The total miners that we have here at the facility is about 2,600. We actually anticipate that by the time we build out the entire facility, we'll be somewhere between 12,500 to 15,000 units. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) This facility here in Niagara Falls, we are five miles [8 km] away from the Robert Moses Hydro Plant. Absolutely critical for us when we actually chose this location that if we were going to consume energy, we wanted to make sure that it was renewable. So, as we're looking at building this facility out into a data center, that was a critical factor in our decision-making. We are in an ideal location to actually have most if not all of our energy being supplied from that particular plant. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) We're enrolled in what's called demand response. So that's where, if the grid themselves require more power back, we'll actually shut down our operations or curtail it back to actually provide that power back to the local community as required. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) If we think about blockchain and this particular industry, this is the industry of the future. ((NATS/MUSIC
  • NewsML Media Topics Arts, Culture, Entertainment and Media
  • Network VOA
  • Location (dateline) E ((PLAYBOOK SLUG: CONNECT Bitcoin Mining (TV) HEADLINE: A Cleaner Bitcoin TEASER: Currency creator relies on renewable energy PUBLISHED AT: 03/28/2022 BYLINE: Aaron Fedor DATELINE: Niagara Falls, New York VIDEOGRAPHER: Aaron Fedor PRODUCER: Kathleen McLaughlin, Kyle Dubiel, Jack Lacy COURTESIES:    SCRIPT EDITORS: EA  VIDEO SOURCE (S):   VOA  PLATFORMS (mark with X):  WEB __ TV __ RADIO __     TRT: 2:55 VID APPROVED BY: EA   TYPE: VPKGF             EDITOR NOTES: ))   ((Eds: This is a self-narrated feature. There is an accompanying music track))  ((INTRO: The digital currency Bitcoin takes a lot of electricity to produce. Aaron Fedor reports for VOA from Niagara Falls, New York, on a team trying to mine Bitcoin sustainably. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) Blockfusion is a block chain infrastructure company that uses renewable energy. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) So this is our facility here in Niagara Falls, New York. We're converting this facility from what was an industrial building to a data center to mine Bitcoin. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) At the time, this factory was being used to actually strip down for scrap metal. Prior to that this was actually a power generation plant where they were using coal and fossil fuels to generate, unfortunately, dirty power at the time. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) At the facility we actually mine Bitcoin. So traditionally people would think about mining Bitcoin or, you know, like mining a resource, right? Very expensive equipment. Guys with hard hats underneath the earth trying to actually get resources. In this particular case, we're mining Bitcoin and while we are leveraging expensive hardware to do so, the resource is really about how quickly you can actually solve a particular algorithm, mathematic equation, on the blockchain to be able to go and obtain one Bitcoin. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) So I'm going to show you the miners themselves. These are not individuals mining. You'll see the actual computers themselves. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) One of the things that I wanted to talk about was each one of these computers do not work individually. They actually work together. They pool together the resources and the processing power like a supercomputer to be able to do the algorithms to actually be able to mine one Bitcoin. The total miners that we have here at the facility is about 2,600. We actually anticipate that by the time we build out the entire facility, we'll be somewhere between 12,500 to 15,000 units. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) This facility here in Niagara Falls, we are five miles [8 km] away from the Robert Moses Hydro Plant. Absolutely critical for us when we actually chose this location that if we were going to consume energy, we wanted to make sure that it was renewable. So, as we're looking at building this facility out into a data center, that was a critical factor in our decision-making. We are in an ideal location to actually have most if not all of our energy being supplied from that particular plant. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) We're enrolled in what's called demand response. So that's where, if the grid themselves require more power back, we'll actually shut down our operations or curtail it back to actually provide that power back to the local community as required. ((NATS/MUSIC)) ((Kant Trivedi, Blockfusion USA, COO)) If we think about blockchain and this particular industry, this is the industry of the future. ((NATS/MUSIC
  • Embargo Date March 28, 2022 16:10 EDT
  • Byline Aaron Fedor
  • Brand / Language Service Voice of America - English
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