Cryptocurrency mining is picking up heat in Texas, United States. According to ERCOT, the electricity consumption in Texas has already increased by five times previous levels. Texas. can expect in the next two years to see the electricity consumption in the state to increase by five times more and the ERCOT will need to generate more than 5000 MW to run the mining operations and other data centres successfully. The cryptocurrency mining industry is already consuming a gigantic chunk of electricity, and as per ERCOT, it has already reached 1000 MW.
One of the prominent reasons Texas is becoming the cryptocurrency mining hotspot is its low price of electricity. The United States generated $400 billion from cryptocurrency trading last year. If you also want to make money in your cryptocurrency trading expedition, check the official bitcoin champion website for more details. After the cryptocurrency crackdown in China, bitcoin mining is now illegal in China, and Chinese miners are moving to Texas or Kazakhstan.
Texas is providing special facilities to the bitcoin mining plants and pools. The higher authorities of Texas have announced that Texas will become a mining hub in the upcoming two years. Let’s find out the electricity consumption in Texas in the upcoming two years due to bitcoin mining.
Acknowledging bitcoin mining or crypto mining
Mining is an essential component of blockchain technology, and almost every cryptocurrency lie beneath blockchain technology. Blockchain comprises blocks, and miners add new blocks to the blockchain consisting of transaction records.
Mining is not just adding blocks to the blockchain; miners can only add them if they successfully unravel the mathematical algorithm. Then, after dealing with the math puzzle, these miners can claim the reward.
How did Texas become the bitcoin mining hub?
Texas developed as the cryptocurrency mining hotspot after the china cryptocurrency crackdown. China criminalized cryptocurrency mining operations, trading and investing in cryptocurrency. All the more, it banned financial organizations from offering cryptocurrency services.
China announced the mining ban in May 2021, and after the ban, miners started to look for alternative countries to continue their mining operations. Chinese miners shortlisted two countries, the first was Kazakhstan and the second was Texas. The majority of miners started to move to Texas as Texas provided more facilities to the bitcoin miners. Currently, Texas has offered a tax abatement for almost a decade, training the cryptocurrency miners.
Texas will become the largest bitcoin mining hub in the upcoming two years as the world’s largest bitcoin mines are being established in Texas.
Texas suffered from power blackouts back in 2021 February.
Despite cheap electricity, Texas suffered from an electricity crisis in February 2021. Higher authorities of America criticized Texas for messing up the electrical sources. Mismanagement of electricity sources further led to power blackouts. The fact might amaze you that thousands of individuals sacrificed their lives due to power blackouts as there was little heat to store food.
The population of Texas is already worried about excess electrical consumption. So you might be thinking about why bitcoin mining consumes this extent of electricity. Since bitcoin does not exist in real life, bitcoin mining is also a computer-based action.
We were earlier able to mine bitcoin with the help of basic computers. However, alongside bitcoin’s popularity, the difficulty of bitcoin mining also inclined. A cryptocurrency mining pool, Bitcoin miners use many graphic processing units to mine bitcoin units or use robust ASIC processors.
These mining rigs are very powerful, and to run the mining operations successfully, these computers consume a very high amount of electricity. The cost of electricity is 10% of the revenue generated by the bitcoin mining rig. For example, suppose your bitcoin mining rig generates revenue of 1 lakh per month, then the general cost of electricity will be 10000 INR.
El Salvador is focusing on using geothermal energy for the bitcoin mining process. El Salvador plans to create a unique bitcoin city on El Salvador’s Volcano. Yes, you read it right. The bitcoin bonds will fuel the city as per the rich sources.
Texas should also focus on utilizing conventional energy sources for the bitcoin mining operations to decrease the environmental impacts of bitcoin mining.
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