Since the bear market, many crypto companies are facing difficulties. Added to this are new federal regulations. The exception is the Bitcoin mining market in Texas. It is trending upwards.
In Texas in particular, the energy consumption associated with Bitcoin mining has increased by 75%. This is triple the previous 12 months. According to the Reuters report, this activity consumes over 2,100 megawatts. Based on data from the Electric Reliability Council of Texas (ERCOT), mining-related energy consumption represents 3.7 percent of the minimum expected peak load. This is cause for concern for the state.
In some states, such as New York, crypto mining using fuel-generated energy is strictly prohibited. This measure was put in place to combat this very overconsumption of energy related to Bitcoin mining activities.
In Texas, the reality is quite different. In fact, the Bitcoin mining market in Texas is at its best. Problems of overconsumption do not seem to faze miners or local authorities.
Despite concerns about this growing energy consumption, several U.S. counties are allowing Bitcoin mining. They do, however, impose tax incentives on miners. In addition to this, they are allowing the use of solar and wind power.
To take this a step further, Texas legislator Cody Harris recently introduced a bill to protect Bitcoin mining market participants in Texas.
All this is to say that the Bitcoin mining market in Texas is both recognized and protected. It is therefore only natural that crypto mining is growing in Texas.
Get a digest of the latest news in the world of crypto-currencies by subscribing to our new daily and weekly newsletter service so you don't miss out on any of the Cointribune essentials!