Economy Chinese Bitcoin Miners Rushing to Texas after Ban in China

[Orgasmo]

Looks like Murica will be the new crypto mining capital of the world.

China's ban on cryptocurrency mining has forced bitcoin entrepreneurs to flee overseas. Many are heading to Texas, which is quickly becoming the next global cryptocurrency capital.

Now China's "bitcoin refugees" are urgently scrambling to find a new home, whether in neighbouring Kazakhstan, Russia or North America, because for bitcoin miners, time is literally money.

Many Chinese bitcoin companies have looked to Texas for stability and opportunity. Shenzhen-based firm BIT Mining has planned to invest $26 million to build a data centre in the state, while Beijing-based Bitmain is expanding its facility in Rockdale, Texas. This small town with around 5,600 residents once housed one of the world's largest aluminium plants, and now it's emerging as the next global hub for bitcoin mining.

There might be another underlying connection between the industry and the state, as De La Torre says that bitcoiners and Texans share the same values. "Texans take their freedom and rights very seriously, and so do we bitcoiners.

https://www.bbc.com/news/world-us-canada-58414555

 

[brackis1]

I'm sure all the anti-tax folks will love the idea of these folks causing massive inflation and grid strain lol

 

[Mr Holmes]

Interesting they would go to TX with the grid issues. I heard Wyoming was trying to be a new crypto hub.

 

[HeffDoesWant]

Interesting they would go to TX with the grid issues. I heard Wyoming was trying to be a new crypto hub.

I think unreliable and therefore cheap suits coin miners well.

 

[Slick_36]

Interesting they would go to TX with the grid issues. I heard Wyoming was trying to be a new crypto hub.

Sounds great, I'm sure the extra load on our struggling grid will pay off when these people redistribute that new wealth in to our state's economy.

 

[tenniswhiz]

There is only a limited amount of Bitcoin out there. I encourage everyone to use their soon-to-be-worthless fiat currency to buy as much Bitcoin as they can.

In a thousand years only two things will remain on planet Earth: cockroaches and Bitcoin.

 

[MicroBrew]

Bitcoin mining has high eletricity demand.

Not China, but Malaysia : the gov. destroyed over $1.7million in bitcoin mining computers. The miners were stealing electricity.

https://www.straitstimes.com/asia/se-asia/malaysian-police-steamroll-bitcoin-machines

 

[Neph]

Bitcoin mining has high eletricity demand.

Not China, but Malaysia : the gov. destroyed over $1.7million in bitcoin mining computers. The miners were stealing electricity.

https://www.straitstimes.com/asia/se-asia/malaysian-police-steamroll-bitcoin-machines

Damn that looks like fun

 

[MicroBrew]

Damn that looks like fun

Such a waste of resources and materials. Should have just auctioned off the components or the whole systems to foreigners.

 

[Sketch]

Sounds great, I'm sure the extra load on our struggling grid will pay off when these people redistribute that new wealth in to our state's economy.

Wait until they start buying homes, then neighbourhoods, then entire streets, then half your city. Watch those house prices rise, and notice how the homes they buy are uninhabited and or turned into air BNB.

 

[MicroBrew]

Wait until they start buying homes, then neighbourhoods, then entire streets, then half your city. Watch those house prices rise, and notice how the homes they buy are uninhabited and or turned into air BNB.

Why A Secretive Chinese Billionaire Bought 140,000 Acres Of Land In Texas

On June 7, Texas governor Greg Abbott sat down at a desk in the state capitol and, flanked by a half-dozen lawmakers, put pen to paper for a ceremonial signing of the Lone Star Infrastructure Protection Act. “As far as I know this is the first law of its kind by any state in the United States of America,” he boasted. The bill’s purpose: Prevent business entities associated with “hostile nations” from accessing the Texas electricity grid and other pieces of “critical infrastructure,” including computer networks and waste treatment systems.

The bill, which became law on June 18, was not just precautionary—it was a direct response to one Chinese billionaire and his plans to build a wind farm in southwest Texas, according to its author, state senator Donna Campbell. Since 2016, a company owned by Xinjiang-based real estate tycoon Sun Guangxin had spent an estimated $110 million buying up land in Texas’ Val Verde County.

https://www.forbes.com/sites/johnhy...40000-acres-of-land-in-texas/?sh=527b66c778c3

 

[Sketch]

Why A Secretive Chinese Billionaire Bought 140,000 Acres Of Land In Texas

On June 7, Texas governor Greg Abbott sat down at a desk in the state capitol and, flanked by a half-dozen lawmakers, put pen to paper for a ceremonial signing of the Lone Star Infrastructure Protection Act. “As far as I know this is the first law of its kind by any state in the United States of America,” he boasted. The bill’s purpose: Prevent business entities associated with “hostile nations” from accessing the Texas electricity grid and other pieces of “critical infrastructure,” including computer networks and waste treatment systems.

The bill, which became law on June 18, was not just precautionary—it was a direct response to one Chinese billionaire and his plans to build a wind farm in southwest Texas, according to its author, state senator Donna Campbell. Since 2016, a company owned by Xinjiang-based real estate tycoon Sun Guangxin had spent an estimated $110 million buying up land in Texas’ Val Verde County.

https://www.forbes.com/sites/johnhy...40000-acres-of-land-in-texas/?sh=527b66c778c3

The west deserves everything coming it’s way

 

[My name is]

Interesting they would go to TX with the grid issues. I heard Wyoming was trying to be a new crypto hub.

I think the whole point is to go off grid