In 2019, Song and his co-founder Ryan Fang made the Forbes “Big Money” 30 under 30 list which features young entrepreneurs with over $10 million in funding. “It is unconstitutional, to say the least.” “Oh boy, they wanted us so bad a year ago,” PrimeBlock co-owner Chandler Song replied via LinkedIn DM when asked about the move to outlaw his crypto mine. “I personally think that if we can get a bill into the system, other (North Carolina) counties will join,” newly elected Chairman Cal Stiles said after the motion was read. The mine in Murphy is just one of a dozen in Kentucky, Tennessee and North Carolina owned by a San Francisco-based company called PrimeBlock, which recently announced $300 million in equity financing and plans to scale up and go public.īut a year and a half after crypto came to this ruby red pocket of Republican retirees and Libertarian life-timers, anger over the mine helped flip the balance of local power and forced the Board of Commissioners to officially ask their state and federal officials to “introduce and champion legislation through the US Congress that would ban and/or regulate crypto mining operations in the United States of America.” Crypto miners began putting down stakes in places where power is cheap and affordable, and if land use or noise regulations even exist, enforcement is weak. This unrelenting demand for electricity was one reason China banned cryptocurrency, touching off a virtual gold rush from Appalachia to New York’s Finger Lakes. Instead of shovels, modern miners need enormous amounts of server power to roll the winning number faster than their competitors around the world. The word “mine” evokes pickaxes and coal dust in this region, so at first, the neighbors around Murphy, North Carolina, had no idea that mining a so-called “proof of work” crypto coin is more like playing a computer game with billion-sided dice. This is the sound in front of Mike Lugiewicz’s garage.

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