Cryptocurrency mining in Texas is causing energy bills to rise for all Texas residents, with estimates suggesting an extra $1.8 billion per year in costs. The state’s cheap electricity and incentives for crypto mining companies have attracted them to Texas, but the energy requirements for mining are significant and are leading to increased costs for consumers.
Facts
- 💰 Cryptocurrency mining in Texas is causing energy bills to rise for all Texas residents.
- 💡 The state’s cheap electricity and incentives for crypto mining companies have attracted them to Texas.
- 📈 Estimates suggest an extra $1.8 billion per year in costs due to the energy requirements for mining.
- 💻 Riot Platforms, which runs the state’s largest mine in Rockdale, uses the same amount of electricity as the nearest 300,000 homes.
- 🌡️ Severe weather swings in Texas have also put pressure on the state’s energy grid and increased electric bills for residents.
- ❄️ In February 2021, arctic weather caused statewide blackouts due to increased demand for power.
- 🌞 In July 2022, mining companies were urged to wind down operations in order to lower the strain on the energy grid as temperatures rose across the state.
