Mining by any other name

Bitfarms recently purchased Panther Creek Power with plans to renovate it into a high-performance computing (HPC) operation for mining Bitcoin (https://investor.bitfarms.com/news-releases/news-release-details/bitfarms-provides-april-2025-production-and-operations-update). Unlike mining the coal that fueled our industrial revolution and helped us win two world wars, mining Bitcoin uses a computer algorithm that doesn't provide a product or a service. The computer algorithm is so complex that thousands of high-performance computers are required to calculate it. HPC operations for Bitcoin mining have a number of drawbacks, including:

High Energy Consumption: Bitcoin mining operations consume significant amounts of electricity, with annual consumption comparable to that of entire countries like Poland or Argentina. The expectation is that Panther Creek Power will need energy from the grid instead of providing energy. This high level of energy consumption leads to

Resource Strain: Large-scale mining operations can strain local energy grids and potentially lead to higher electricity prices for residents in the surrounding areas.

Water Usage: Bitcoin mining also has a significant water footprint, with estimates suggesting 200,000 - 400,000 gallons of water per year to cool the computers. Water that is critical for our Lehigh River.

Electronic Waste: The specialized computer hardware used for Bitcoin mining, known as Application-Specific Integrated Circuits (ASICs), has a relatively short lifespan (estimated at around 1.3 years in one study), leading to a significant e-waste problem. This e-waste is often not recycled or disposed of responsibly.

Noise Pollution: The powerful computers and industrial cooling systems used in mining facilities create significant noise pollution, disrupting nearby communities and affecting residents' quality of life, sleep, and mental health. Residents in communities are filing lawsuits against HPC/Bitcoin mining operations for the negative impact on their health (https://earthjustice.org/press/2024/granbury-residents-sue-local-bitcoin-mine-over-health-threatening-noise-pollution and https://www.youtube.com/watch?v=bMzHCn0QmCk).

Bitfarms says it will invest millions of dollars in Panther Creek Power to bring it current with other high-performance computing facilities. The expectation is that local jobs will increase and they will - for a while. Bitfarms will need to employ ~200 contractors over a period of 12 months to get the data center up and running. Once the data center is operational, the contractors will go on to the next installation and the employees will be laid off. Due to the high investment costs in the computing equipment and the need to eliminate human error, data centers are tightly secured, remotely monitored, and only qualified IT computer or HVAC engineers are allowed access as needed to repair or replace faulty equipment. The jobs that will be filled are for security and landscape maintenance personnel, and don't offer salaries comparable to those of IT engineers. Bitfarms (BITF) is also facing challenges from a recently filed class action lawsuit.

https://www.wjhl.com/business/press-releases/cision/20250707NY23850/bitfarms-ltd-sued-for-securities-law-violations-investors-should-contact-the-gross-law-firm-for-more-information-bitf/

Carbon County depends on our scenic beauty and historic charm to power our economy. Bitfarms' HPC/Bitcoin mining isn't good for our residents or our economy.