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Old 06-22-2018, 05:07 AM
 
Location: Colorado Springs
4,440 posts, read 4,479,109 times
Reputation: 15698

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Bitcoin mining firm pays $13M for vacant Colorado Springs Intel plant | Colorado Springs Gazette, News

"Colorado Springs apparently is about to take its place among the ranks of cities becoming home to the complicated and confusing world of bitcoin mining and cryptocurrency.

A California-based limited liability company, 3G Venture II, paid $13 million last week for a large portion of the former Intel Corp. chipmaking complex along Garden of the Gods Road on the Springs' northwest side.

3G Venture's owner, identified in public records as John Chen of suburban Los Angeles, couldn't be reached for comment. But Michael Palmer, a broker with Quantum Commercial Group in Colorado Springs who marketed the Intel property, and city economic development leaders, say Chen plans to launch bitcoin mining at the site."

Bitcoin "mining" burns a lot of power. That former Intel site has ample capacity.

But they're giving this property away. Just $13M for 700K sq ft is $19 per sq ft. What a deal!

"But the electricity network installed to accommodate Intel was particularly attractive to Chen and his 3G Venture for bitcoin mining, Palmer said. The Intel property includes an on-site substation and two separate power feeds, he said. The new owner also is working with Colorado Springs Utilities to increase capacity to the site, he said.

"There's just not many facilities, locations ... within Colorado Springs, that can handle anything like this," Palmer said.

CSU electric rates, meanwhile, are lower than in many cities and business leaders for years have sought to woo new employers to town, in part, by marketing the Springs' cheaper power.

With its need for electricity, a bitcoin mining operation is akin to a corporate data center, where businesses store computer servers and other equipment used to operate their websites and internal networks. Colorado Springs' cheaper power has attracted data centers operated by Progressive Insurance, FedEx and Walmart, among others."


However, this won't create very many jobs: "Like data centers, bitcoin mining doesn't add many jobs - only enough to operate the computer network."
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Old 06-22-2018, 06:25 AM
 
539 posts, read 231,474 times
Reputation: 830
I’ve seen the Springs boom and bust. I remember when Intel moved in. Atmel was there too along with MCI, Rock Shox, Phillips, HP and many others. Then the bust came. Buildings sat vacant. Now the revival. I wonder when this cycle will end.
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Old 06-22-2018, 08:04 AM
 
Location: Colorado Springs
2,775 posts, read 1,760,347 times
Reputation: 3045
Hard to say. Way back in the early 1970s when the city fathers started pursing technology manufacturing as a clean, profitable means to supply our country with high technology while creating a vibrant and well paid workforce, no one had any idea it would become so commodity based and get farmed out to the lowest bidding country.

Crypto-currency is likely no different.
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Old 06-22-2018, 09:32 AM
 
1,267 posts, read 1,655,357 times
Reputation: 1546
I was curious what advantage this would have for a city and was surprised to see that several cities have actually banned them.
As I read it, mostly foreign companies scout for cheap utility locations to set up. Ultra high energy use can end up raising rates for residential citizens and over burden the local power grid. Few employees. Not sure what the benefits are...
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Old 06-22-2018, 12:09 PM
 
20,444 posts, read 38,092,106 times
Reputation: 18282
I always hoped that old Intel plant, totaling about 1M sq ft, would be put to good use making solar panels. To me it seems that solar panels are somewhat close to chip fab work, but that may not be the case. Sad to see it being used for bitcoin nonsense, which to me is the tulip bulb mania of our times.
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Old 06-22-2018, 12:14 PM
Status: "And now for something completely different." (set 8 days ago)
 
Location: Aurora, CO
6,225 posts, read 9,611,361 times
Reputation: 9020
There's a ton of shady crap going on with Bitcoin. I know a guy who's a Bitcoin nutjob (to be fair he's more like a nutjob who likes Bitcoin). Dude's a tiki-torch-waving, alt-right-loving white nationalist sympathizer. Quit his job without notice (via email) after going to the Berkeley rally/riot because he wants to create an app that will allow people to use Bitcoin to anonymously fund white supremacist groups. If he ever applies for a job where I work again I will make damn sure he never gets hired.
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Old 06-25-2018, 07:23 PM
 
Location: Denver
3,033 posts, read 2,452,508 times
Reputation: 1883
Lol, as the price of Bitcoin keeps dropping and dropping...

This will create 0 jobs and is a total waste of energy. I can't say it's a bad deal because the Intel building is vacant, but Bitcoin mining on the whole is just an environmental disaster worse than regular mining.

Actual data centers don't net many jobs either, but they are a positive asset because they are sort of like a big airport for internet traffic. On their own, they don't do much, but they are necessary for software / cloud / website / hardware sectors.

One can hope this plant will become a real data center after the bitcoin miners run out of drug money. Denver is a big pass through point for fiber paths, but it's so darn hard to build up there they aren't really capturing the market that they could be.
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Old 06-26-2018, 10:58 AM
 
Location: Colorado Springs
3,901 posts, read 1,542,943 times
Reputation: 2987
Quote:
Originally Posted by Mike from back east View Post
Sad to see it being used for bitcoin nonsense, which to me is the tulip bulb mania of our times.
I agree with this bitcoin is massive con and is basically just a way for criminals to launder money. I do believe in the future cash will be obsolete and money will be digital, but it won't be bitcoin it will be US dollars.
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Old 06-27-2018, 05:02 PM
 
Location: Colorado
10,225 posts, read 6,490,331 times
Reputation: 18337
I have a couple of friends who are really into crypto currency. Both bought bitcoin back when it was cheap-o, years ago. One of them saw the writing on the wall and sold during the big spike it had around what...December? Whatever it was. That dude made bank. And he also set up a mining operation in his condo, with custom build rigs. He said that while his power bill went up, the heat generated by his computers was enough to actually heat his apartment through the winter, so he felt it was not a bad deal.

He is a very smart dude, and has made a number of very intelligent investment choices of various kinds...he almost has a sort of natural luck, you might say. He also likes to back projects on things like Kickstarter, and he often picks good ones. I very nearly feel that even though I'm the accounting/finance person and he's a cyber security guy, I ought to ask him for investment advice.

The other one, when I talked to him during the spike, I told him he ought to sell, now that the value was high, and he said, "No, I'm gonna let it ride." I'm sure he is regretting that choice now.

A few months into the year, as prices were dropping on crypto currencies, I decided to go ahead and toss my hat in the ring, but not in a big way, just as a "what the heck, I'll put a small sum I can afford to lose in there, and see what happens." It is now worth less than half what I put in. I'm glad I kept my little experiment...little. I keep half an eye on it though. If there is ever another spike, I'll be quick to sell! Heck if it ever got back up past what I put in, I'd probably drop it and get my money back out. I bought one of the other cryptos, not BC, but meh. Just a bit of a gamble, and gambling isn't something I tend to do much of, so...*shrug*... If I completely lose it all, I won't cry about it.
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Old 07-03-2018, 10:46 AM
 
Location: Colorado Springs, CO
78 posts, read 59,073 times
Reputation: 149
Being relatively new here (hit my 1 year anniversary this month!) where is the former Intel plant? I see it says on GoG... is that where Google Maps says Agilent is?

https://goo.gl/maps/56cVzoxbCp72
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