There is a recent crypto mining crackdown in China. The crackdown has seen concerns expressed over hash rate migration impact on Texas unreliable electricity market. Moreover, an increasing number of dislocated miners are eyeing the lone star state.
Renewable Energy
Texas has abundant sources of renewable energy. Moreover, it has high deregulated power grid. This is making the state an obvious choice for migrating miners from China and elsewhere. Wind generates more than 20% of Texan electricity as of 2019.
Brandon Arvanaghi
Brandon Arvanaghi is a former security Engineer at Gemini, crypto exchange. He spoke to CNBC. He predicted that Texas would see a dramatic shift over the next few months as miners look to set up shop. With Greg Abbott, governor promoting mining United States is going to become a real industry.
Castle Island ventures
Taxes have the cheapest electricity in the United States and some of the most affordable in the globe. Castle Island ventures are the founding partner of Nic Carter. They told CNBC that half of the world’s hashing power could ultimately exit China’s borders. They also said that it needs a new home now.
Global Hash Rate
The China global hash rate has fallen by one-third since early May. This happened after China government imposed stricter supervision on the mining industry.
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