Another New York Loss Leads to Another Texas Win

By Cje95 | Texas Living | 7 Jul 2022


Today it was announced by publicly traded Bitcoin mining company Riot Blockchain that they were going to relocate their mining rigs at its New York data facility to Central Texas. Riot stated that the reasons for the move boiled down to energy and third-party costs but I am not so sure that is really the whole story. As we have seen over the last few months New York's state government has begun enacting legislation hampering cryptocurrency and blockchain funding and growth. This runs counter to what New York City Mayor Eric Adams wants and he has even gone as far as to call out the state for what they are doing. 

 

Texas on the other hand continues to build out infrastructure for both mining and other cryptocurrency activities. It is my personal belief that Texas could very soon become the blueprint for other states to follow when it comes to leveraging crypto mining companies to stabilize their electrical grid. Earlier this year when we had a deep freeze in February Texans used more power than they did during the freeze the year before that almost crashed the grid. It showed that the public-private relationships Texas had generated with the miners allowed for them to build out additional capacity that these machines could use and whenever the power usage spiked the mining machines could be shut down with power returning to the grid. 

 

It is spurring additional renewable energy power development as well as providing well-paying jobs for workers. For Texas and the companies that have taken advantage of it, it has been a huge win-win for both sides. I am optimistic that more and more states will take advantage of this idea to build out this excess capacity and allow it to be utilized and when needed work with these companies to shut down to return power. It is hard to argue with the results that Texas has had so far with their grid and how companies are continuing to invest and pour money into their mining operations in Texas even in a bear market. 

 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to further support me below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


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