Technology China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas

tom_mai78101

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China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP.

In May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.

Mining is the energy-intensive process which both creates new coins and maintains a log of all transactions of existing digital tokens.

Despite a lack of reserves that caused dayslong blackouts last winter, Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time, with 20% of its power coming from wind as of 2019. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are very pro-crypto – dream conditions for a miner looking for a kind welcome and cheap energy sources.

“You are going to see a dramatic shift over the next few months,” said Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

Read more here. (CNBC)
 

jonas

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Great. More energy drain. Just what Texas needs.
 

The Helper

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The way the Texas market works the energy prices go up in the summer when it is hot and these miners are going to have to get some sweet fixed rate deals if they plan on being viable.
 

Ghan

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If they can't get super cheap power then I wonder if they will start paying to make their own power via solar. Could be an improvement over the current setup at least.
 

The Helper

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We have a nuclear power plant in Bay City I don't know if it is still in operation.
 
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