Tuesday, November 30, 2021
HomeTexasTexan Town Experiences Boom After Bitcoin Mining Sees Adoption

Texan Town Experiences Boom After Bitcoin Mining Sees Adoption

Bitcoin mining is seeing adoption in small towns and has been experiencing benefits from it. Similar is the story of Rockdale Texas, out of which 2 Bitcoin mining firms operate, namely Bitdeer (Bitmain inspired) and Riot Blockchain Inc.

Bitmain is a company that produces bitcoin mining hardware and other allied services. Headquartered in Beijing, China they produce ‘antminers’ which is one of the most powerful mining hardware. It also helps in saving Bitcoin mining fees.

The above companies have migrated to the small town of Rockdale which has a population of 5,600 people (approx.) especially due to the abundance of land and natural resources, at a comparatively attractive price.

“Miners are committed to buying a certain amount of power and what they do is they sell it back at market [value] and make a profit,” Rockdale’s Mayor John King told to the Press.

The Mayor added that they could buy it at a price of around 2-3cents and sell it for quite a profit at around $9 a Kilowatt hour.

Riot has successfully created the largest BTC mining infrastructure and has been doing extremely well, post-expansion it is expected to have accelerated its power capacity to 750 Megawatts, which is over three times what Dallas uses.

Read More: The Texas Abortion Law Is Troubling The Peoples of Ancient Rome

Rockdale’s James Gibson, who is the Economic Development Director expressed that they had further landed up for grabs for additional mining of cryptocurrency, and are evaluating applications and inquiries from companies who have expressed interest. This boom comes especially after the ban on bitcoin mining activity and its rigorous crackdown in China.

Texas Blockchain Council president Lee Bratcher spoke to the media about the difference witnessed on the economic front from when these mining facilities had been set up.

“The Rockdale economy was devastated for several years until the bitcoin miners showed up,” said Bratcher. Just a few years back the town was in miserable condition with sub-par drinking water availability, below standard healthcare facility, and other fundamental issues. However, after emerging as the hotspot for such activities it continues to see a turnaround.

Read More: Abbott Signs Sports Bill Targeting Transgender Students In Texas

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular