This is regarding an article in the Grand Forks Herald, by Adam Kurtz (April 11: “Grand Forks business partners to use cargo container to mine cryptocurrency”).
Maybe I'm not very knowledgeable about this sort of thing, but the picture I got from reading the article is a couple of guys starting up a cryptocurrency operation in a cargo container full of computers.
For one thing I have never seen a cargo container that was heated, air conditioned or even had windows. They are a metal box that would be like an oven in the summer, especially if it was full of computers. This container will be parked at a substation for a while and then sometime in the future it will be moved elsewhere to take advantage of cheap power. And the GF Job Development Authority just loaned them $225,000 and that was just to buy down interest on another loan.
Now just how many cryptocurrency jobs will be developed in this container, after all this money was loaned out for the purpose of developing jobs, right? What happens if the bottom falls out of this cryptocurrency fad like many predict it will? Some say the processors used for this can be used for medical research if the fad dies out, but by then they may be obsolete. And if not I doubt that the resale on used processors would be much.
So what do we get back out of this deal if it fails? It sounds like there is a lot of blue sky involved here and that might be all we get back.
Dan Gerszewski, Grand Forks