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| William Delaney, EA Westwood, MA |
At our recent federal tax seminar, one of the topics had to do with what are bitcoins
and other similar "currency" and how are these transactions reported and taxed. What
we didn't discuss, but what might be of interest to everyone, are the following excerpts
from an article (titled as above) in the Wall Street Journal dated 9/27/2021 (page B9)...
"Mining bitcoin is an energy-intensive process. To unlock more of the currency, miners
must solve mathematical puzzles that become increasingly complex, which means they
require more computing power---and electricity...The way to boost the odds of figuring out
the puzzle is to put more machines to work."
"Talen Energy Corp. has entered into a joint venture with bitcoin-mining company
TeraWulf Inc., which has started land development for a mining facility the size of four
football fields next to its (Talen Energy's) Pennsylvania nuclear plant...We are building
demand adjacent to the existing nuclear plant."
"For bitcoin miners, the partnership allows them to promote projects as having an
environmentally friendly source of power. 'That was the big difference for us,' said
Maxim Serezhin, chief executive at Standard Power, which is building a
nuclear-powered bitcoin-mining facility at a former paper mill in Coshocton, Ohio."
Who knew that nuclear power was environmentally friendly? This was news to your
editor as he read the WSJ article. But, what do I know about anything, I'm over age 35?
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