While Texas is known worldwide for its oil, Bitcoin mining is the latest industry that the state has embraced. Miners are creating or moving their operations in droves to Texas, but why? Here are some reasons why Bitcoin mining and Texas go together like pecan pie and ice cream.
Deregulated Energy Infrastructure
Back in 2002, Texas officials deregulated the energy market to allow for the majority of customers to freely choose who they receive their power from. Because of this, market forces dominate, and there are plenty of opportunities for Bitcoin mining companies to negotiate wholesale electricity prices. This is one of the main reasons why Texas Bitcoin mining is so attractive.
Reducing Gas Flaring
For years, Texas has struggled with flaring. Producers who cannot sell gas must burn it. They cannot put it on trucks and move it to markets, like oil. The ecological costs to these events are high. However, Texas Bitcoin mining could offer a solution. Miners in strategically situated positions can reduce wastage and instead power their mining equipment. The approach could provide a double benefit. BTC farms could help reduce flaring and cut CO2 omissions as part of their mining process. This opportunity to repurpose otherwise stranded energy is huge and a big factor as to why Texas Bitcoin mining is attractive.
Texas Politicians Support Bitcoin Mining
Having political support in any industry is favorable, and lawmakers in Texas are encouraging Bitcoin mining companies to move to the state. This is a drastic contrast to New York where the State Senate passed a Bitcoin mining moratorium bill banning new mines that operate on carbon-based fuel for at least the next two years.
Mawson Operations in Texas
Mawson is one of the many Bitcoin mining companies excited to operate in Texas. We’re building a new 120-MV site that will deliver an output of 4.0 exahash. It is planned for the site to be fully operational by Q4 and we intend to utilize both Carbon Credits and Renewable Energy Credits (RECs), as well participating in curtailment programs to ensure our Net Zero Carbon and strong ESG focus is maintained.
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