Auckland Man Sells House To Build Bitcoin Mining Rig

In the latest indication that the cryptocurrency market top has arrived, a 30-year-old IT professional in New Zealand – who didn’t want his identity revealed, presumably for fear he would be targeted by criminals (or worse: tax collectors) – sold his house to build a “virtual-currency mine” at a “secret west Auckland location.”
Readers who have been following our coverage of the New Zealand property market will understand the irony inherent in this exchange: Much like bitcoin, housing costs in New Zealand have been massively inflated thanks in part to an influx of foreign capital, with Chinese buyers representing one of the largest groups of investors, according to the New Zealand Herald.
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A small room filled with incredibly powerful computer hardware that trawls through millions of transactions a second…

This post was published at Zero Hedge on Dec 9, 2017.