China's ban on cryptocurrency mining forced Bitcoin entrepreneurs to flee abroad. many were heading to texas , which is fast becoming the next cryptocurrency capital of the world. Different executives within this region have opened their ways to allow Bitcoin miners to switch and operate here. Having said that, Bitcoin mining was criticized for its power-intensive operations.
Sending of invitations
Texas Governor Greg Abbott is trending within the Bitcoin community posting his interview with Bloomberg. He had been a prominent figure in bringing the crypto industry to his state. He believed that the growth of Bitcoin miners could contradictorily help stabilize the Texas power grid. It's something they've struggled to keep up with the demand for in the past. According to Bloomberg, the occurrence was:
“Miners' computer fixes would require so much electricity that someone would come build more power plants, something Texas badly needs. If the grid begins to falter, as it did when winter storm Uri froze power plants in February 2021 , miners could quickly shut down to conserve power for homes and businesses."
Two Bitcoin miners had volunteered according to the report. This approach would mimic that of Iran . The government had imposed a winter-long ban on Bitcoin mining. Good to prevent blackouts from continuing to plague the country.
Cheap Texas electricity and almost no regulation helped propel big business. Like Riot Blockchain Inc. , Singapore-based Bitdeer Group, and UK-based Argo Blockchain Plc to build some of the world's largest Bitcoin mines in the state.
According to the Texas Blockchain Council, there were 27 mining operations in the state. More are on the way, including Digital Currency Group-backed Foundry. President of the Texas Blockchain Council, Lee Bratcher opined :
“It is really a healthy dynamic that generates tax revenue, creates jobs and is also a mechanism for strengthening the network. Governor Abbott has been very supportive.”
Texas politicians, including Senator Ted Cruz and Austin Mayor Steve Adler , saw it as a solution to other energy-related problems.
That said, there was also resistance among the locals. Most recent University of Texas/Texas Tribune Poll, October. It showed that 60% of Texans disapproved of how state leaders have handled network reliability.
That said, supposedly Bitcoin could play its part in mainstreaming the adoption of sustainable renewable energy. Jack Dorsey, CEO of The Block, and Cathie Wood, CEO of ARK Invest certainly thought the same.
