BTC miners revive this rural American town

BTC miners revive this rural American town

Rockdale, Texas, of 5,600 residents is benefiting from the Bitcoin mining boom

A Texas city of 5,600 is benefiting from the bitcoin mining boom

, which has the potential to change your landscape.

What happened
In Rockdale (Texas), which has 5,600 residents, there are two bitcoin mining companies, Bitdeer, a spinoff of Bitmain, and Riot Blockchain Inc.

Bitmain is a Chinese company known for creating the Bitmain Antminer, a computer used to perform calculations and generate BTC rewards.

Both companies have found new homes on properties once occupied by major aluminum company Alcoa, according to CNBC.

According to the information provided, the two companies seek resources such as land and energy, which are obtained at low cost in Texas.

“Miners commit to buying a certain amount of energy, and what they do is resell at market [value] and make a profit,” Rockdale Mayor John King explained to CNBC.

King revealed that miners can also act as “interruptible loads” when the network needs power, and there are economic incentives to back it up.

“They have a contract for two or three cents…​ ​They can sell it for $9 per kilowatt-hour,”the city’s mayor said.

because it matters
Rockdale has the largest Bitcoin mining facility in the US, which is owned by Riot. It said that when the facility expansion is complete, its total power generation will reach 750 megawatts.

The city’s director of economic development, James Gibson, claimed Dallas was using only 200 megawatts, adding: “It’s like having Midtown Manhattan and downtown Dallas in our backyard,” CNBC reported.

Gibson revealed that Rockdale has 160 acres of land available. The mayor reportedly received 40 inquiries from mining companies looking to locate a site in Rockdale, many of them from China.

“Do they have the money?​ They have a team. They just need a quick place and energy,”Gibson said, according to CNBC.

Texas Blockchain Council Chairman Lee Bratcher commented on the city’s economy before Bitcoin miners established their base there.

“Rockdale’s economy had been devastated for years before Bitcoin miners,” Bracher said.

This is a significant development as the city reportedly struggled in 2018 when its only hospital closed, water supply deteriorated and residents complained of red and stinky tap water.

The U.S. became the world’s center for bitcoin mining after China forced miners to cease operations earlier this year.

price fluctuation​
On January 20, Bitcoin reached an all-time high of $66,930.39. At press time, the apex cryptocurrency was trading down 1.39% at $60,581.31 after a 24-hour tracking period.

Riot shares closed the regular session down nearly 1.2% at $27.22 on Friday, after rising 0.22% in after-hours trading.​

Rockdale, Texas, of 5,600 residents is benefiting from the Bitcoin mining boom

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