When bitcoin crashed in late 2017 and the wider market entered a multiyear cryptocurrency winter, there wasn't much demand for big bitcoin farms. has also spent years investing in cryptomining infrastructure, long before it was popular. It is going to become a real industry in the United States, which is going to be incredible." "We have governors like Greg Abbott in Texas who are promoting mining. "You are going to see a dramatic shift over the next few months," said bitcoin mining engineer Brandon Arvanaghi. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are pro-crypto - dream conditions for a miner looking for a kind welcome and cheap energy sources. Friendly policymakers and sufficient infrastructure are also key factors.
Washington state is a mecca for hydropowered mining farms, while Texas' share of renewables is growing over time, with 20% of its power coming from wind as of 2019.Įlectricity costs, however, aren't everything. it has extraction, refinement and transport costs," Blockstream CEO Adam Back said. "Mining is price sensitive, so as to seek out the lowest-cost power and the lowest-cost power tends to be renewable because if you're burning fossil fuels. Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings, expects most new miners relocating to North America to be powered by renewables, or gas that is offset by renewable energy credits.
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