Texas to 5x mining activity by 2023
After the ban on mining in China in Texas, where many miners have moved their power, bitcoin mining has intensified. The state is planning to upgrade its electricity supply, as electricity needs will increase by 3,000-5,000 megawatts (MW) by 2023.
Currently, the amount of energy received by mining farms is 500-1000 MW. The additional capacity will be increased by the ERCOT organization. According to preliminary calculations, this will allow for 20% of the world's Bitcoin mining operations.
According to experts, Texas has what it takes to achieve this:
- First, training programs for training workers in the mining industry.
- Secondly, tax exemptions on the sale of mined cryptocurrency.
- Third, tax breaks for 10 years.
True, not everyone in Texas is positive. Many users say that the load on the electrical grid can be fatal for Texas. They remind of the situation in February 2021, when the power supply was massively cut off in the region due to abnormal frosts. Because of this, 5 million residents were left without energy for a couple of days.
Alas, their fears are not in vain. After checking the system by ERCOT staff, it turned out that many of the problems had not been fixed. To reassure the public, the miners themselves got down to business.
Many companies partner with electricity suppliers to ensure the stability of the power grid. Others choose alternative energy sources so as not to depend on the work of ERCOT. This makes Bitcoin mining even more sustainable.
We will follow the development of the situation. Read our news and subscribe to social networks. You can also start mining cryptocurrency using Hive OS service.