- In May, Beijing called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.”
- Texas is an ideal destination for miners, thanks to its abundance of solar and wind power, its unregulated market, and its crypto-friendly political stance.
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.”
- It’s Impossible to State How Bad Things Actually Are
- New Zealand’s PM calls for internet censorship, because people don’t believe in climate change and Covid lockdowns
- Worse Than Katrina? It Appears That We Just Witnessed The Most Costly Natural Disaster In U.S. History By A Wide Margin
- The British Government is Experimenting With Feeding African Kids Worms, Locusts, and Flies.
- Exactly One Week After Biden’s Fateful Decision, The U.S. Was Hit By One Of The Worst Natural Disasters In Our History
- All signs point to something huge to happen in next days!
- “If Only We Had More Somalis” Said No One Ever
- Something Big Coming? NATO Countries are Releasing Urgent Calls for Their Citizens to Leave Russia
- It’s Going to Take Some Very Cool Heads to Keep the Blinken Administration from Destroying the World
- The Anti-American Tone on German and Austrian Social Media has Escalated Dramatically