While the collapse of cryptocurrency exchange FTX earlier this month dominates national headlines, the Texas blockchain and Bitcoin community is determined to forge ahead.
“Texas is home to the largest Bitcoin mining sites in North America, and fast achieving status as the undisputed Bitcoin mining capital of the world,” Texas Blockchain Council President Lee Bratcher said at an industry summit in Austin last week.
Enticed by relatively cheap electricity, businesses that mine energy-hungry Bitcoin and other cryptocurrencies have been knocking on the state’s door. But after a summer of record heat and energy demand, and on the heels of Winter Storm Uri in 2021, concerns about the Texas electric grid loom large.
