Bitcoin mining boom stirs power grid, environmental worries in Texas

Austin News Briefs - Austin American Statesman

Bitcoin miners are flocking to Texas. Many of those seeking their fortune are likely to be from China, where the government has been cracking down on Bitcoin mining, the practice of competing to extract digital currency from the blockchain or document data transfers using high-powered, energy-hungry computers. The state of Texas has no income tax, relatively low energy prices — which is important because Bitcoin mining requires vast amounts of electricity — and a “don’t tread on me” self-sovereignty vibe that appeals to many bitcoin miners. Bitcoin miners have been quietly staking out parts of Texas to build or rent mining facilities, and a wave of new mining operators from China has been arriving since the crackdown in China.