Bitcoin

Bitcoin miners in Texas are experiencing a significant boost in profitability thanks to a dramatic drop in <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> prices. Over the past year, the cost of electricity in the state has fallen by nearly 80%, from $190 per megawatt-hour in August 2023 to just $40 per MWh in 2024. This reduction has led to a surge in mining activity, with energy consumption by miners increasing by 31% year-over-year, reaching 2.3 million megawatt-hours.
The state's mining capacity has grown substantially, with facilities drawing power equivalent to the consumption of an entire city like Austin. However, this rapid growth comes with challenges, as the increased demand for electricity has raised concerns about the stability of Texas's power grid, especially during extreme weather events. Despite these concerns, the lower <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">energy costs</a> have made Bitcoin mining more affordable, allowing operators to maintain profitability even as <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> fluctuates.
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Texas Bitcoin Miners Benefit from Plunging Electricity Costs

Ultramining_Eng

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