Crypto-currency Mining in TX Brings Opportunity and Risk

Energy will always be a major part of Texas. The oil industry has long been a major employment hub for the state. In TX’s modern history, it has moved beyond relying on solely energy, to include other industries, particularly tech. Austin is practically known as a second Silicon Valley. With the prevalence of tech and energy in TX, it is only natural that the state become involved in crypto-mining. However, the opportunities of crypto-currency come with some risks.

TX Governor Greg Abbott is looking to take the bitcoin mining activity that China has pushed away by leveraging TX’s energy capabilities to pick up the slack that China could not keep up with. TX Senators Ted Cruz and John Cornyn have praised the opportunities from crypto-currency mining.

TX politicians are not the only ones promoting crypto-currency mining. Many tech companies are excited by TX’s energy capabilities. Many major international companies are looking to become dominant in utilizing TX’s infrastructure. There were even two 23-year-olds who made millions in TX through crypto-currency mining.

A constant controversy around crypto-currency mining is the amount of energy it uses. On paper, TX might seem like the perfect state to overcome this risk. However, TX famously had major issues with its energy grid last year in the winter. Many are concerned that if TX was already pushed to the brink in the winter last year, if in the future TX faces similar weather conditions and now has crypto-currency mining putting further strain on the industry, that could make the situation even worse.

Leading politicians in TX claim that the grid is in much better shape, but that is not stopping skeptics from raising concern, include politicians from other states, because energy troubles in TX could impact the whole US. As a result, the debate will continue over crypto-currency mining in the US, as it rolls-out in TX.