Bitcoin mining rig Governor Andy Beshear has arrived in Kentucky by truck since March 2021 passed two laws encouraging Bitcoin miners to establish their roots in southeastern states.
In the first year of its formation, Kentucky and mining-focused companies have enjoyed the benefits of the law as well. As of October 2021, Kentucky accounted for 18.7% of the total Bitcoin hash rate in the United States, second only to 19.9% in New York. Foundry DigitalA subsidiary of the crypto giant Digital currency group..
Bitcoin mining is a decentralized computational process that allows miners to add new blocks of validated Bitcoin transactions to the Bitcoin blockchain. Over the years, Bitcoin mining has been more competitive, and as a result, miners usually need expensive equipment and low-cost electricity to profit from their efforts. Of the total Bitcoin supply of 21 million, about 90% (about 19 million) of Bitcoin has been mined in the last 13 years.
Blockware solutionBlockchain Infrastructure and Cryptocurrency Mining Company announced on Tuesday that it has opened a flagship mining facility in Belfry, Kentucky, a town of less than 500 people near the West Virginia border.
“We hope that areas known for coal mining will benefit from this different type of mining,” Kentucky’s Angie Hatton MP said in a statement. “We also hope that that significant electricity demand will help stabilize our steep housing rates. If our family can save money while Blockware Solutions are literally making money, it’s the world. Means. “
Kentucky’s flagship store is comparable to Costco’s size and is one of Blockware’s three planned sites in the state, Blockware CEO Mason Jappa told TechCrunch.
“The fact that there is an energy grid in the economy and region we are in is great, but there aren’t many energy consumers like us in this region, so if we can save a lot of energy, we’ll add it. Stability, “Jappa said.
He added that the data center has been abandoned for decades and is diverting a coal mining site that launches at 20 megawatts, which is equivalent to powering a small rural town of 5,000 people a year.
“We have found the perfect cocktail for everything we need: political sustainability, low-cost energy, support for the local economy, and being in an environmentally safe, healthy and cool environment.” Said Jappa.
The abandoned coal mine is not the only place that has been refurbished.From Illinois steelworks to some forgotten warehouses in Oklahoma and the Midwest, empty real estate is used across the country, Nick Hansen, CEO of the Bitcoin hashrate management platform. LuxorTold TechCrunch.
“Most of these places have built-in power capacity by default, which is great for Bitcoin miners to come in and start using them,” Hansen said. “These old manufacturing towns are turning into Bitcoin towns.”