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

New data reveals that Bitcoin (BTC) mining in Texas has seen a 30% increase during the month of August as electricity prices in the state nosedive.

In a new thread, Pierre Rochard, the vice president of BTC mining firm RiotPlatforms, tells his 58,200 followers on the social media platform X that mining of the top crypto asset by market cap in Texas has spiked, surprising Bitcoin critics.

“Texas Bitcoin mining load increased 30%. August electricity prices fell 80%. Anti-Bitcoin critics in disbelief.”

Rochard’s chart indicates that in August 2023, Bitcoin miners used 1,750,000 MHw (megawatt-hours) while in 2024, that figure jumped up to about 2,300,000 MHw, a 31% year-over-year increase.

The data also unveils a staggering drop in the price of electricity. In August 2023, the average price of electricity in the state was about $190 per MHw. A year later, that price tag cratered to just $40 per MHw, a 79.52% drop.

Earlier this year, The U.S. Department of Energy (DOE) started but soon after stopped a survey on crypto mining energy use after being sued by Riot and the Texas Blockchain Council (TBC).

At the time, the DOE said it was interested in identifying key areas of growth in terms of mining and finding out the energy use ramifications of mining crypto assets.

Bitcoin is trading for $58,149 at the time of writing, a 4.57% decrease during the last 24 hours.

The Daily Hold / 8-30-2024