Shift

Cipher

Bitcoin

Million

Carbon

<ul class="list-ic vertical">
 <li>1 <a>Bootstrap energy has decided to develop a battery energy storage system (BESS) in the second phase.</a></li>
 <li>2 <a>The BESS is expected to be connected to the Electric Reliability Council of Texas (ERCOT).</a></li>
</ul>
It is unlikely to see a crypto market boom like the final days of 2021. Institutional players are changing their tracks to avoid the blow. Bootstrap Energy, a Texas-based company, is developing a crypto mining facility spread across 114 acres of land. The project will be developed in two phases where the company has decided to develop a battery energy storage system (BESS) in the second phase. The City Council of Corpus Christi approved their request on October 10, 2023.
<h2 class="wp-block-heading" id="strong-falling-crypto-prices-lead-to-the-move-strong">Falling Crypto Prices Lead to the Move</h2>
The BESS is expected to be connected to the Electric Reliability Council of Texas (ERCOT), an electricity grid operator in Texas, by 2025. Bootstrap Energy is collaborating with another energy focused organization, Navitas Energy. Furthermore, the latter company has over 50.1 percent stake in the project’s second phase.
Texas emerged as the preferred location to mine cryptocurrencies following the Chinese crackdown on the sector in 2021. According to non-profit public interest organization Earthjustice, “The rapid growth of crypto mining threatens to strain Texas’s grid and raise electricity rates for Texans.”
The state serves as home to five out of ten Bitcoin (BTC) mining facilities. Riot Platforms in Rockdale tops energy consumption by crypto mining with 450 MW. The crypto miner consumes more than Cipher Mining in Odessa and US Bitcoin in Upton County together.
CNBC, a major news provider, reported last month that Texas dominates the United States Bitcoin mining sector. Citing data from Foundry, a crypto-focused group, Texas makes up 28.5 percent of the total crypto mining hashrate arising from the U.S.
Crypto mining became a savior to the Texas electricity grid recently when Riot Platforms delivered a substantial amount of energy. CNBC reported that the company received over $30 Million in energy credits. Furthermore, it dwarfed the revenue generated from mined BTC during the month.
<h2 class="wp-block-heading" id="strong-a-nascent-carbon-emitter-for-now-strong">A Nascent Carbon Emitter, For Now</h2>
Ted Cruz, a Senator from Texas, supports Bitcoin mining at large. During the Texas Blockchain Summit 2022, he expressed his <a href="https://www.thecoinrepublic.com/2022/12/11/texas-is-the-perfect-location-for-bitcoin-mining-ted-cruz/" rel="noopener noreferrer nofollow">admiration</a> for BTC mining. He underscored its significance in monetizing the energy produced by gas extraction and energy storage.
According to Senator Cruz, cryptocurrency mining supply excess is “very beneficial.” Texas’ abundant and cheap energy renders it a perfect location for the sector.
Extreme energy consumption makes crypto mining an unattractive segment for environmentalists. According to technology news provider, The Verge, the activity takes up electricity required to power as much as 300K homes in the US. On the bright side, the sector is still an infant given the traditional industries including transportation, agriculture, forestry and more are leading the global carbon emissions.

Cold Market Causing a Shift From Crypto Mining Operations

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Thecoinrepublic.com

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