The United States has closed a large gap in Bitcoin (Bitcoin) mining China to remain open by the end of June 2021Despite looming rumors of high power consumption, officials in Texas, one of the fastest growing cryptocurrency mining hubs in the U.S., said mining operations are now being linked to the energy industry. I believe that we can actually achieve a symbiotic relationship with
A newsletter from the offices of the Texas Comptroller has revealed the state’s pro-crypto stance, intended to host long-term miners and operators. Clarifying a common misconception about Bitcoin’s energy use, the Fiscal Note states that unlike “manufacturing facilities and industrial chemical plants that are expected to exist for decades,” cryptocurrency mining facilities will place significant power demands on the power grid. I stressed not to impose.
Concerns about electricity demand remain, as a sudden surge could upset the supply-demand balance as more crypto miners move to Texas. Other industries that consume large amounts of electricity often continue to produce even in fluctuating markets, one of the concerns his Texas-based research associate Joshua Rhodes raised in his newsletter. is:
“The difference is that Bitcoin mining (mining facilities) can appear very quickly and disappear very quickly, depending on the price of Bitcoin.”
Given the unique positioning of the crypto mining market, Texas officials believe miners can participate in the demand response program. This includes powering down miners during peak demand periods. This process is widely adopted in energy-intensive industries such as petrochemical plants.
Additionally, the study envisioned that increased mining operations could spur additional energy infrastructure, especially in remote areas of West Texas.
A prolonged bear market has pushed mining revenues to record lows in June 2022. However, according to data from blockchain.com, his BTC mining revenue increased by nearly 69% in his one month, from $13.928 million on July 13th to $13.928 million on August 12th. It came to $23,488,000.
Additionally, the falling price of mining equipment (GPUs) has allowed BTC miners to upgrade and expand their mining rigs while pursuing mining the last 2 million BTC.