Back to the list

Texas’ crypto mining consumption may increase five times by 2023

www.cryptopolitan.com 24 November 2021 19:21, UTC
Reading time: ~2 m

• A electricity company in Texas offers 90 percent of the state’s energy to crypto-mining.
• Crypto mining in Texas consumes over 1,000 MW.

As Texas adapts to the new crypto mining ecosystem, several companies such as Electric Reliability make history in Bitcoin mining operations. According to reports, Texas has gained 20 percent in share regarding crypto-mining in the world.

Texas consumes over 1,000 MW in energy after extracting BTC, the most valued cryptocurrency in the virtual market. Although the figure is very dominant, cryptocurrency mining specialists believe this share in Texas could increase in the next two years to over 500 percent.

Crypto mining consumption in Texas could increase

In previous years it was believed that Texas as a US state would gain priority in crypto-mining, considering that the entire Chinese region dominated the BTC mining. But as now China ban cryptocurrencies, there was a space in crypto mining, and Texas, with ERCOT, could take it. According to unofficial reports, crypto mining in Texas is efficient, and this can be seen in its energy consumption of around a thousand megawatts.

However, although electricity consumption in crypto-mining in Texas is relevant, speculators think this measure could rise in the coming years. Crypto companies like ERCOT are likely to run around 5,000 megawatts by 2023, or even slightly more than estimated.

Texas has become the main North American state that supports crypto mining farms.

China abandons crypto-mining

Since last year, China has been creating a law to ban crypto mining. According to the announcements from the regulatory authority, crypto mining was consuming too much energy and proven a huge release of carbon which affected the environment. Following these thoughts, the Chinese government intervened in crypto-mining farms and the virtual market to block all operations.

When China scrubbed crypto-mining farms, the crypto companies moved their operations to other countries in Asia and the United States, specifically Texas. Since crypto mining became normalized in the southern US state, companies like ERCOT have supplied over 90 percent of electricity.

Although ERCOT has succeeded in crypto-mining, it has also faced criticism over its management after leaving the state without power in February. With this problem, the company had to reorganize its support for crypto farms to balance utility energy to extract Bitcoins and energy for the state.

With this huge support in Texas, Bitcoin has a circulating supply of 18,882,062, while it is trading at $6,373 today. BTC supply may increase in the coming months as Texas gains priority in crypto mining.

Back to the list

Similar news
Suggest news