Why China's bitcoin miners are moving to Texas

johnarb said:
Bitcoin mining is saving the environment by using flare gas for energy source


https://www.cnbc.com/2021/09/04/bitcoin-miners-oil-and-gas-execs-talk-about-natural-gas-mining.html

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Bitcoin miners care most about finding cheap sources of electricity, so Texas – with its crypto-friendly politicians, deregulated power grid, and crucially, abundance of inexpensive power sources – is a virtually perfect fit. The union becomes even more harmonious when miners connect their rigs to otherwise stranded energy, like natural gas going to waste on oil fields across Texas.

“This is Texas, boys. We got what you need, so come on down,” said Haby. “We are sitting on the energy capital of the world.”
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But if it’s 20 miles from a pipeline, things start to get more complicated.

More often than not, the gas well won’t be big enough to warrant the time and expense of building an entirely new pipeline. If a driller can’t immediately find a way to sell the stash of natural gas, most look to dispose of it on site.

One method is to vent it, which releases methane directly into the air – a poor choice for the environment, as its greenhouse effects are shown to be much stronger than carbon dioxide.
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Yeah, that's if the oil industry in TX survives the fundamental change coming with electricity as the alternative energy source. No oil, no gaz flares, no cheap energy for crypto farms. I can see why the governor is welcoming the crypto farms though... it will keep the oil industry afloat a little bit longer.
 
Well isn't that obvious. BTC miners in China faced millions of dollars of losses with this unprecedented ban. By moving to Texas they have all the freedom and peace of mind that the US government won't take such strict steps unlike China.
 
@mlawson71 Once people start recognizing bitcoin mining as a continuous money making process., There's no stepping back.
Apart from all this, the other big reason for these miners shifting to Texas primarily is because it is one of the places with cheapest energy prices in the world.
 
They say time is money, then pick a place where construction takes 3 times longer (18 months instead of 5) than in China (or I assume in Asia general). So their operation is going to be off for an extra year?

I also assume tax dollars were used for the miners' compensation during the winter blast. Nice...
 
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