Texas’s power grid is deregulated, which means customers can choose between different power providers and providers are thus incentivized to provide low rates. Miners have since been scouring the globe for places where electricity is cheap, and many have settled on Texas as their destination. The bitcoin hashrate – the processing power used to produce bitcoin – halved after the crackdown. But earlier this summer, local governments in China began to shut down bitcoin mines as the country works to develop its own, better-controlled digital currency. China was once the main hub for mining, with over half of the world’s mining taking place in the country, precisely because its electricity is cheap. To be profitable, mining cryptocurrency requires lots of cheap energy. And in return, the mine will be powered by some of the cheapest electricity in the world. “We don’t have a lot of economic development.”Ī mine could help stimulate the economy, creating jobs and improving the county’s tax base. “It’s wide-open range land, it’s cattle country with a little farming,” he said. Dickens county, population 2,300, “is mostly improved pasture and grassland”, Brendle said. Kevin Brendle, Dickens county’s top elected official, embraced the idea of the mine when Argo Blockchain, a Canadian cryptocurrency mining company, first approached him with the idea of building a facility in the area.

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