Mark Weaden
Texas Republicans want to create a cryptocurrency hub for the emerging blockchain technology industry
The state of Texas has become a hub for cryptocurrency and thriving digital asset businesses. As such, this has led to the state governors encouraging and facilitating the growth of crypto-based businesses in Texas.
Republicans have welcomed the blockchain technology industry, though there are skeptics who are concerned with the impact of cryptocurrency mining and its impact on the energy grid. Crypto has been under the microscope for its carbon footprint and how the maintenance and operation of cryptocurrency impact the escalating climate crisis.
Texas as a Crypto Hub
Texas has been targeted by the crypto community due to its green energy production, with the little town of Rockdale as one of the main towns for the states’ booming fintech industry. In the past decade or so, there have been 1,000 jobs created in the town, which has come at the right time as many other local industries, including a local coal plant, have shut down.
The State also boasts the largest Bitcoin mine in the U.S., which is owned and operated by Whinstone U.S., which is about 60 miles northeast of Austin. The recent cryptocurrency ban in China has driven the biggest mining community in the world to look elsewhere, which some speculate will be moving to Texas as well.
The facility has provided many new jobs to the local community and strives to be the heart of the area, breathing life back into an area that has suffered economically from the turn of time. Some of the funds from the mining centre have been used to fund the development of the local dog shelter, as well as installing lights for the local high school softball and football fields.
Plans for the Future
The investments will certainly win over the local community. But, a high influx of young tech-minded individuals may drive the town to gentrification, which could annoy locals.
The success of the industry in Texas will only lead to expansion. In fact, there are plans in the works to increase the size of the mining plant, creating the biggest Bitcoin mining facility in the world.
Federal lawmakers are trying to pave the way for the advancement of blockchain technology, with the state’s cheap energy and lack of regulation being the main points of attraction to businesses. Expect to see many researchers, businesses and entrepreneurs moving to the state of Texas in the coming months and into 2022.
