Bitcoin Blows Up And Wenatchee Benefits

Aug 25, 2017

Nearly a decade after its invention, bitcoin, a kind of cryptocurrency, is reaching all time highs. The market price reached a peak today with one bitcoin being worth $4,495.

Esmy Jimenez  talked to the CEO of a bitcoin mining operation here in the Northwest.

Bitcoin is, well, confusing at times. Created in 2008, the network was established as a system to transfer money online and internationally.

Bitcoin is not owned by a single business or person. The network is owned and regulated by its own users. And these users created their own currency. You guessed it, the Bitcoin.

A single bitcoin’s worth went from pennies ten year ago to now thousands of dollars.

"I predict a break of the all time high today," Carlson said.

Dave Carlson is the CEO of Giga Watts. His business hosts other bitcoin enthusiasts who virtually ‘mine’ for the currency using special devices. Carlson’s company provides the physical space, equipment, and electricity necessary to Bitcoin mine. Based in Wenatchee, the proximity to cheap hydropower makes it the ideal place for investors to set up shop.

Carlson believes Bitcoin’s market power will only grow. Although analysts aren’t so sure since the currency has been famously volatile.

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