Texas Bitcoin Mining on the Rise With 30% Increase in August and 80% Drop in Electricity Costs

IconCryptoNewsTerminal Staff30 Aug, 2024

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Texas Bitcoin Mining on the Rise With 30% Increase in August and 80% Drop in Electricity Costs

In August, bitcoin mining operations in the state saw a 30% increase in activity, while electricity rates declined by around 80% year-over-year, according to Pierre Rochard, Vice President of Operations at Riot Platforms. This significant increase in mining activity in Texas is a result of several factors, including the state's low electricity costs and its supportive regulatory environment. Texas has become a popular destination for bitcoin miners due to its abundance of cheap electricity, which is largely generated from natural gas, coal, and wind power.

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