- Bitcoin miners are looking for ways to save on electricity.
- Texas may become a new hub for Bitcoin mining.
American bitcoin farms are ready to offer minimum electricity rates in Texas. It is likely that this state will become the new center for crypto mining in the United States.
Electricity is too expensive in Europe
The real discussion took place on Twitter after the announcement of the mining company HODL Ranch saying that they were ready to provide electricity to miners at a price of 1 cent per kWh. This is five times cheaper than the price of electricity in Europe.
Specifically, @ btcking555 wrote the following:
That is, high electricity tariffs in Europe motivate miners to look for more attractive conditions for industrial mining of cryptocurrency. An alternative could be mining farms in Texas.
On hot days, the mining factories of Layer1 are shut down for about 30 minutes. The company sells the energy saved during this period, making millions in profits. When electricity prices in Texas surpassed $200 megawatts per hour, Layer1 made a profit of over 700%, according to founder and CEO Alexander Liegl.
At night, the company, on the contrary, increases the activity of bitcoin mining, since at this time the cost of electricity drops to zero due to an overabundance of wind energy. Thus, the right schedule for cryptocurrency mining and the correct choice of the timeframe to stop work and then sell accumulated electricity, allowed Layer1 to increase its own profit by 7 times.