美国国家公共电台 NPR--Cryptocurrency turmoil affects crypto miners

Cryptocurrency turmoil¹ affects crypto miners

Transcript²

Cryptocurrency turmoil is affecting crypto miners, who require lots of electricity to operate. Energy costs are up, and demand is down.(Story aired on All Things Considered on Dec. 15, 2022.)

A MART?NEZ, HOST:

Cryptocurrencies such as bitcoin are generated or mined by companies using racks and racks of custom-purposed computers. The world of digital currency is struggling these days in the wake of the FTX scandal. Crypto miners are facing problems of their own. Vaughn Golden from member station WSKG explains.

VAUGHN GOLDEN, BYLINE³: A few years ago, cryptocurrency mining operations were a golden goose. Firms flocked to places like Massena, N.Y., to mine bitcoin, promising⁴ to bring with them jobs and economic development. Tina Barksdale, a spokesperson for one such facility, gave a tour to North Country Public Radio in 2018.

TINA BARKSDALE: From being just Massena, N.Y., to being a cryptocurrency sort of Silicon⁵ Valley - but of course it all depends on the power.

GOLDEN: The computers used to generate bitcoin often use a ton of energy. While Massena gets a good portion of its energy from relatively⁶ cheap hydropower, other miners aren't so lucky. Chris Brendler is a senior analyst⁷ at D.A. Davidson.

CHRIS BRENDLER: Really, the only cost they have that's purely⁸ raw material cost is electricity.

GOLDEN: He says all crypto miners are different in how they pay for energy. Some have contracts with utilities. Others generate their own energy. But for those exposed to rising natural gas prices, profit margins⁹ are being squeezed.

BRENDLER: This is a very simple model. If you're not covering electricity costs, you shut down the mining operation.

GOLDEN: And if miners aren't mining and don't have another source of revenue, they can go bankrupt. Some have. This is all coupled by other factors, too. There's still a lot of miners competing to generate these cryptocurrencies. At the same time, prices are relatively low, meaning the same costs with a lower reward. One other challenge that's arisen is public opposition¹⁰ to potential environmental impacts of mining. New York state, for example, just enacted¹¹ a two-year ban on refiring fossil-fuel-burning plants for mining out of concern it will increase the state's carbon emissions¹². Brendler says energy costs and competition are bigger concerns than new environmental regulation, though.

BRENDLER: It's not going away as an issue. I don't see it as a high risk to, you know, actual operations in the near term, but it's not zero.

GOLDEN: Kyle Schneps is public policy director at Foundry USA, which coordinates¹³ a network of miners. His company has been around for a few years, and he says they prepared for this so-called crypto winter.

KYLE SCHNEPS: Companies that have been around for a while are used to the cyclical nature of bitcoin pricing and crypto pricing. And so most people are - instead of getting overleveraged during good times, they are planning for the down cycle during those times.

GOLDEN: Now Foundry is investing in mining. The downturn is making it cheaper to invest now in the hopes things rebound¹⁴. Other firms are too. Goldman Sachs recently said it plans to invest millions in low-cost crypto assets. Brendler, the analyst, says he sees this moment as a sort of cleansing¹⁵ of weaker mining firms.

BRENDLER: We've seen companies struggle, fail, go out of business, get shut down. That's still continuing.

GOLDEN: And he says while energy prices remain high and crypto winter rages on, less stable mining firms may continue to shut down.

For NPR News, I'm Vaughn Golden in Binghamton, N.Y.

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1 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

2 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

3 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

4 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

5 silicon   

n.硅(旧名矽)

参考例句：

• This company pioneered the use of silicon chip.这家公司开创了使用硅片的方法。
• A chip is a piece of silicon about the size of a postage stamp.芯片就是一枚邮票大小的硅片。

6 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

7 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

8 purely   

adv.纯粹地，完全地

参考例句：

• I helped him purely and simply out of friendship.我帮他纯粹是出于友情。
• This disproves the theory that children are purely imitative.这证明认为儿童只会单纯地模仿的理论是站不住脚的。

9 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

10 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

11 enacted   

制定（法律），通过（法案）( enact的过去式和过去分词 )

参考例句：

• legislation enacted by parliament 由议会通过的法律
• Outside in the little lobby another scene was begin enacted. 外面的小休息室里又是另一番景象。 来自英汉文学 - 嘉莉妹妹

12 emissions   

排放物( emission的名词复数 )； 散发物（尤指气体）

参考例句：

• Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
• Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。

13 coordinates   

n.相配之衣物；坐标( coordinate的名词复数 )；（颜色协调的）配套服装；[复数]女套服；同等重要的人（或物）v.使协调，使调和( coordinate的第三人称单数 )；协调；协同；成为同等

参考例句：

• The town coordinates on this map are 695037. 该镇在这幅地图上的坐标是695037。 来自《简明英汉词典》
• The UN Office for the Coordination of Humanitarian Affairs, headed by the Emergency Relief Coordinator, coordinates all UN emergency relief. 联合国人道主义事务协调厅在紧急救济协调员领导下，负责协调联合国的所有紧急救济工作。 来自《简明英汉词典》

14 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

15 cleansing   

n. 净化(垃圾) adj. 清洁用的 动词cleanse的现在分词

参考例句：

• medicated cleansing pads for sensitive skin 敏感皮肤药物清洗棉
• Soap is not the only cleansing agent. 肥皂并不是唯一的清洁剂。