With the Chinese government forcing bitcoin mining operations (and roughly 65% of the bitcoin network’s global hashrate) to relocate or permanently close shop, the Texas Crypto Mining business has increased substantially.
Bitcoin mining is the process by which new bitcoins are entered into circulation and “Mining” uses sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
There are close to 30 bitcoin mining companies in Texas alone and that number is growing by the day. Texas is focused on incentivizing renewable energy initiatives so that it’s affordable and crypto mining companies are optimizing their equipment for the local environment, including several companies from China. Texas politicians are pro-bitcoin and want to make it easier to mine bitcoin and the Texas Blockchain Council is pushing crypto-friendly policies to make Texas more attractive to miners.
On April 26, 2022 Fort Worth Texas became the first U.S. city government to mine Bitcoin.
Texas now reigns as the fastest-growing destination for crypto mining Texas and politicians are on board because of the new jobs and extra tax revenue that Bitcoin mining operations are bringing to the state.
With the exponential growth of the blockchain and cryptocurrency industries a pilot program was launched by the Office of Fort Worth, Mayor Mattie Parker and the City of Fort Worth in partnership with the Texas Blockchain Council with the goal of becoming a leading center of tech and innovation in the USA. The city estimates each of the 3 machines in the program will consume the same amount of energy as a household vacuum cleaner and that the minimal amount of energy required for the program would be offset by the value of the mined Bitcoin. This in an attempt to establish and build an environment in Texas that is attractive to individuals and businesses, and maintain a forward-thinking organizational structure.
Texas’s power grid is deregulated, which means customers can choose between different power providers and providers are thus incentivized to provide low rates. Crypto Mining Texas facilities can set up long-term contracts with the power providers allowing them to purchase electricity at a fixed price for several years. When demand for electricity goes up in the summer months the power companies in Texas will actually be paying mining facilities to lower their energy usage. The mining companies will take the power that was agreed to purchase at a fixed lower rate, and then they can sell that back to the grid.
Cryptocurrency mining in Texas looks to be bolstering the economy, providing jobs and long-term stability for the State.
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