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10 May 2021

How Texas Is Becoming A Mecca For Bitcoin Miners

How Texas Is Becoming A Mecca For Bitcoin Miners

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Bitcoin mining companies like Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain and Whinstone are just a few of the major industry players that have chosen to set up shop in the Lone Star State.

This is still a strong selling point for bitcoin miners, but energy supply problems, with no end in sight as the population of Texas grows, is a potential problem.

Meredith Angwin, author of “Shorting The Grid” told Great American Mining’s Marty Bent in a recent “GAMcast” interview that Texas has “the skinniest of reserve margins” when it comes to energy supply, as borne out in the recent ice storm.

But it’s the nature of bitcoin mining that miners “seek out extremely cheap sources of energy which tend to be stranded renewables or fossil fuels like natural gas and oil via flaring or venting that would otherwise be wasted,” said Bent in a recent podcast.

Mining companies that use gas-vented capture technology are in a good position in Texas, with its many oil and gas producers.

“As gas venting capture technology becomes more popular, Texas with its huge oil and gas fields is a natural pull for miners wanting to mine without having to be dependent on the state’s energy power grid,” Mow told Bitcoin Magazine.

As noted here, the former governor of Texas, Rick Perry, called miners “a major accelerant for job creation and sustainable economic growth in the state,” while current governor Greg Abbott has put out the welcome mat for bitcoin mining companies

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