Texas to Become World’s New Capital for Crypto Mining Rig
The politicians in the all-American state of Texas are rapidly turning pro-Bitcoin. For years, cryptocurrency advocates have been in the ear of the state governor, Greg Abbott, hoping to convince him that crypto mining, and the intensive demand that the mining process puts on electricity, is the perfect way to modernise and fool-proof the southern state’s existing power grid. Frankly, nothing is being left off the table in terms of what the state is willing to do to strengthen its electrical infrastructure after three severe winter storms cascaded over the state in February 2021 causing the worst energy infrastructure failure in the state’s history.
More than 4.5 million homes and businesses were left without power, some for several days, and nearly 240 people lost their lives, either directly or indirectly because of the crisis.
Demand on Electrical Supplies
In the fall of 2021, the Texas governor convened his local cryptocurrency brain trust for a shindig in the city of Austin where they discussed the possibility of making Texas the new capital of cryptocurrency’s mining industry. The concept behind what some are calling ‘pure madness’ is that the massive configuration of the miners’ technical infrastructure would place such a crazy demand on the state’s electrical supply., Surely an aspiring entrepreneur would be attracted to the opportunity and come to the state to erect more physical power plants - a core component of the mining plan that the state is sorely lacking. The fail-safe would be that if the electrical supply begins to wane, as it did in February of 2021, crypto miners would dutifully, and temporarily, power down their mining operations so that the state could hypothetically ‘catch its breath‘ and conserve electricity for the state’s residents and business owners.
So far, two prominent Bitcoin miners have stepped up to say they would be willing to adhere to such a plan.
The New Mecca of Crypto Mining Rig
Talk, as they say, is cheap. Even in a state as red-white-and-blue as Texas. The state’s leadership might be more inclined to move forward with the plan if they have more than verbal assurances that the cryptocurrency mining community would promise to “down their computers”, just because someone wearing a hard hat in some remotely located power plant asked them to do so. For the governor’s part though, Abbot seems optimistic that the miners will be true to their word, and there are presently swaths of bitcoin mining components and computers that are en route from China to make Texas the new Mecca of the world’s cryptocurrency mining operations.
“We have launched our first bitcoin mine in downtown Fort Worth, which will be a showpiece for our larger mine located right outside the city,” said Caleb Ward, the co-founder of Geosyn Mining.
Critics are afraid that crypto mining will consume more energy than the state can adequately provide and regulate. The subject is likely to remain a hot-button issue with voters as the Texas governor intends to make courting the Bitcoin industry a highlight of his re-election campaign in 2022.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.