Texas Bitcoin Miners Plan to Partner With Natural Gas Suppliers

Texas is a hotbed for bitcoin miners. Not only does Texas offer cheap electricity and cool weather, but the state government is friendly towards bitcoin miners. Austin Energy is one of the biggest electricity providers in Texas and has stated that it will work with bitcoin miners to keep their grid powered up while they scale up their operations. One of the biggest challenges Bitcoin miners face is finding cheap energy sources, as most cities have limited sources. This makes Texas a good place to be a bitcoin miner. Natural gas providers typically have large-scale grids available to purchase power from and often provide generous discounts for bulk purchases.

Bitcoin Miner’s Partnership Plan with Natural Gas Suppliers

Instead of looking for a new place to house their mining rigs, they look at natural gas suppliers in Texas as potential partners. The problem with electricity prices is that Texas has two different rates: regulated and deregulated rates in Texas. Regulated rates are cheaper than deregulated rates in Texas but cannot be changed by the power company.

Deregulation allows companies to charge what they want for electricity and enable customers to shop around for better deals on power bills. That is not good news for miners who need consistent power bills because fluctuations in price can mean lost profits or even loss of equipment. This is why many have started looking at natural gas suppliers as potential partners with whom they can offer services in exchange for stable energy costs.

Conclusion

Put, by using renewable natural gas, Bitcoin mining in Texas could become a much more environmentally friendly process than it currently is. And this development has been noticed and appreciated by the Texas Bitcoin miners. Moreover, the fact that they have managed to find partnerships with local natural gas suppliers in Texas shows how much money there is at stake and how severe these companies are about making this Bitcoin mining in Texas happen.

Find more details at:

CNBC: https://www.cnbc.com/2021/09/04/bitcoin-miners-oil-and-gas-execs-talk-about-natural-gas-mining.html

Houston Chronicle: https://www.houstonchronicle.com/business/energy/article/Bitcoin-and-Texas-energy-companies-are-forming-an-16938260.php

Bloomberg: https://www.bloomberg.com/news/articles/2022-03-31/texas-bitcoin-miners-seek-tax-break-for-using-trapped-well-gas

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