Bitcoin (BTC) Mining in Texas Increases by 30% in August As Electricity Prices Plummet

New information reveals that Bitcoin (BTC) mining in Texas noticed a 30% improve within the month of August, whereas electrical energy costs within the state took a nosedive.

In a brand new thread, Pierre Rochard, the vp of BTC mining firm RiotPlatforms, tells his 58,200 followers on the social media platform

“Texas Bitcoin Mining Tax Elevated 30%. Electrical energy costs in August fell by 80%. Anti-Bitcoin Critics in Disbelief.”

Rochard’s chart signifies that Bitcoin miners used 1,750,000 MHw (megawatt hours) in August 2023, whereas that determine rose to round 2,300,000 MHw in 2024, a rise of 31% year-over-year.

The info additionally reveals a staggering drop in electrical energy costs. In August 2023, the common electrical energy value within the state was roughly $190 per MHw. A yr later, that price ticket dropped to simply $40 per MHw, a drop of 79.52%.

Earlier this yr, the U.S. Division of Power (DOE) launched however shortly after halted an investigation into the vitality consumption of crypto mining after being sued by Riot and the Texas Blockchain Council (TBC).

On the time, the DOE stated it was thinking about figuring out key development areas in mining and determining the vitality consumption implications of mining crypto property.

Bitcoin is buying and selling at $58,149 on the time of writing, down 4.57% over the previous 24 hours.

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Featured picture: Shutterstock/Bryan Vectorartist