Why Bitcoin entrepreneurs are flocking to rural Texas

To be profitable, mining cryptocurrency requires lots of cheap energy. China was once the main hub for mining, with over half of the world’s mining taking place in the country, precisely because its electricity is cheap. But earlier this summer, local governments in China began to shut down bitcoin mines as the country works to develop its own, better-controlled digital currency. The bitcoin hashrate – the processing power used to produce bitcoin – halved after the crackdown.

Miners have since been scouring the globe for places where electricity is cheap, and many have settled on Texas as their destination.

https://www.theguardian.com/technology/2021/aug/17/bitcoin-cryptocurrency-mining-texas?utm_source=dlvr.it&utm_medium=twitter