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Why Texas Could Become the Bitcoin Capital of the World

Following the Chinese government offensive against Bitcoin mining and trading, dozens of investors have chosen to flee and relocate their businesses abroad. Among the...
Why Texas Could Become the Bitcoin Capital of the World Why Texas Could Become the Bitcoin Capital of the World

  • Following the Chinese government offensive against Bitcoin mining and trading, dozens of investors have chosen to flee and relocate their businesses abroad.
  • Among the chosen destinations is Texas, the quintessential oil state in the United States, which offers unbeatable conditions for miners and a new business for oil tankers.
  • It is the new mining fever of the American West.

In Texas the interests of dozens of cryptocurrency investors and a host of young and ambitious oil executives are converging. The crackdown unleashed by China in May against Bitcoin (BTC) miners could not have been more timely for the Lone Star State.

The so-called “Bitcoin migrants” from the Asian giant are desperately looking for where to found new mining farms. Several countries in Asia, Africa and America offer optimal conditions for cryptocurrency mining and trading due to low electricity costs and a lack of industry regulation.

In this sense, the United States, along with Venezuela, Russia, Canada, Iceland, Kuwait and Georgia, are considered among the nations that offer the best conditions for crypto mining, according to the list prepared by the cybersecurity firm Norse Corp.

But, within the US, one state is shaping up to be the one with the greatest potential to become the Bitcoin capital of the world. Thanks to a number of natural, economic and political factors, Texas stands out today and has oilmen rubbing their hands.

Texas Attracts Domestic and Foreign Mining Companies

The millions of cubic meters of natural gas that are burned in Texas oil wells could now be used to power thousands of servers and computers dedicated exclusively to Bitcoin mining.

The cryptolan’s first ally is Texas Governor Greg Abbott. “It’s happening! Texas will be the leader in cryptocurrencies, “he wrote on his Twitter (NYSE:TWTR) account a couple of months ago.

In June, Texas recognized blockchain and cryptocurrency trading as legal, paving the way for companies in the sector to more easily operate there. This legal and political support is attracting Chinese and non-Chinese companies operating in China.

A Secret Meeting of Kindred Spirits

Texas offers stability and opportunities to grow for miners without fear of persecution. This is precisely one of the reasons why investors, miners and oil executives recently met in secret in Houston to agree on a plan.

The main topic of the meeting was: how to take advantage of the natural gas wasted in the fires to power the Bitcoins mining rigs. The use of natural gas from oil wells has a double advantage for the cryptocurrency industry and oil extraction companies.

On the one hand, greenhouse gas emissions are reduced and environmentalists’ demands relating to the downsides of BTC mining are being addressed. On the other hand, natural gas supplier companies and miners make a lot of money mining BTC through a cheap energy source.

"When I heard that so much money could be made by MCF, rather than just burned in the atmosphere, thanks to the whole 'Bitcoin mining thing,' I couldn't look away," commented oil executive Hayden Griffin Haby III, one of the meeting attendees.

Another company excited about the idea of ​​moving to Texas is BIT Mining, a Chinese firm based in Shenzhen. The company plans to invest some US $26 million in the state for the construction of a data center. Meanwhile, Bitman, another company from Beijing, is working on expanding its facilities in Rockdale, Texas.

Kevin Pan, the CEO of Poolin, a Chinese mining firm, also did not hesitate to move his business to the American West.

"We decided to move, once [and] forever. [We] will never go back," said Pan.

On The Flipside

  • The incorporation of mining as a source of tax revenue and the use of a resource such as natural gas that is currently wasted in the state’s oil fields, are two key elements for the political acceptance of Bitcoin and its justification as an industry.

Why You Should Care?

  • Texas offers miners a gigantic source of cheap electricity, politicians supporting the establishment of cryptocurrencies, and a deregulated power grid for the industry.
  • The efforts of BTC enthusiasts in Texas managed to mobilize more than 200 BTC executives and investors to the Houston meeting. This included native Texans, travellers from other states (California, Colorado, Louisiana, Pennsylvania, New York) and from the United Kingdom and Australia.

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27-09-2021 19:30:00 (UTC+7)

EUR/USD

1.1695

-0.0019 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (6)

EUR/USD

1.1695

-0.0019 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (6)

GBP/USD

1.3695

+0.0013 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (6)

USD/JPY

110.97

+0.26 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7254

-0.0004 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2664

+0.0012 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

129.76

+0.07 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (3)

EUR/CHF

1.0856

+0.0034 (+0.31%)

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↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (8)

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Gold Futures

1,751.15

-0.55 (-0.03%)

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↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

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Silver Futures

22.692

+0.267 (+1.19%)

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↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (10)

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Copper Futures

4.2787

-0.0068 (-0.16%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

75.44

+1.46 (+1.97%)

Summary

Buy

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Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

Brent Oil Futures

78.69

+1.46 (+1.89%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (6)

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Natural Gas Futures

5.480

+0.280 (+5.38%)

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Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

US Coffee C Futures

193.12

-1.23 (-0.63%)

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↑ Sell

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Buy (4)

Sell (8)

Indicators:

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Sell (8)

Euro Stoxx 50

4,166.75

+8.24 (+0.20%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (1)

Sell (7)

S&P 500

4,455.48

+6.50 (+0.15%)

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↑ Sell

Moving Avg:

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DAX

15,574.45

+42.70 (+0.27%)

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Moving Avg:

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Sell (8)

FTSE 100

7,048.74

-2.74 (-0.04%)

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Neutral

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Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,253.88

-5.16 (-0.23%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

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IBEX 35

8,986.50

+113.40 (+1.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

64.545

+0.845 (+1.33%)

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↑ Sell

Moving Avg:

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Sell (12)

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Sell (8)

Bayer AG NA

47.32

+0.84 (+1.81%)

Summary

Neutral

Moving Avg:

Buy (1)

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Buy (3)

Sell (2)

Allianz SE VNA O.N.

195.50

+3.16 (+1.64%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

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Sell (4)

Adidas AG

279.93

-1.64 (-0.58%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

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Buy (2)

Sell (4)

Deutsche Lufthansa AG

6.476

+0.243 (+3.90%)

Summary

↑ Buy

Moving Avg:

Buy (9)

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Buy (7)

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Siemens AG Class N

146.81

-1.30 (-0.88%)

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Buy (0)

Sell (12)

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Buy (0)

Sell (7)

Deutsche Bank AG

11.003

+0.168 (+1.55%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (7)

 EUR/USD1.1695↑ Sell
 GBP/USD1.3695↑ Sell
 USD/JPY110.97↑ Buy
 AUD/USD0.7254↑ Sell
 USD/CAD1.2664↑ Buy
 EUR/JPY129.76↑ Sell
 EUR/CHF1.0856↑ Buy
 Gold1,751.15↑ Buy
 Silver22.692↑ Buy
 Copper4.2787↑ Buy
 Crude Oil WTI75.44Buy
 Brent Oil78.69↑ Buy
 Natural Gas5.480↑ Buy
 US Coffee C193.12↑ Sell
 Euro Stoxx 504,166.75↑ Sell
 S&P 5004,455.48↑ Sell
 DAX15,574.45↑ Sell
 FTSE 1007,048.74Neutral
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,253.88↑ Sell
 IBEX 358,986.50↑ Buy
 BASF64.545↑ Sell
 Bayer47.32Neutral
 Allianz195.50Sell
 Adidas279.93Sell
 Lufthansa6.476↑ Buy
 Siemens AG146.81↑ Sell
 Deutsche Bank AG11.003↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(5,665/ 5,715) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 27-09-2021 19:30:02
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ↀ Giá vàng thế giới
$1,750.69+1.20.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.46-1.48-1.96%
Brent$79.57-1.52-1.91%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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