Texas set to become a global leader in cryptocurrency

Texas has reaped the benefits of China’s decision to stop mining bitcoin, paving the way for the “Great Mining Migration” to Austin.

The Texas Blockchain Council (TBC) has expanded to 70 members under the leadership of Lee Brachter, the organization’s president.

Brachter will host the Texas Blockchain Summit (TBS) on Friday, which could be the biggest state blockchain one-day summit in history.

What Bitcoin could do for Texas, which is already a top 10 economy in the world, is not lost on anyone.

Major supporters

Senators Ted Cruz, John Cornyn, and Cynthia Lummis, all Republicans, will speak at the event. Their participation might make the first TBS a barometer for the level of enthusiasm in how cryptocurrencies and blockchain technology can improve the state.

Governor Greg Abbott of Texas has already met with the TBC twice. “Texas will be the crypto leader,” Abbott said recently on Twitter. “Cryptocurrency is now about to become available at Texas supermarkets.”

Abbott was alluding to H-E-B Grocery Co.’s decision to install bitcoin booths in several Texas supermarkets.

Texas is set to become the territory of choice for blockchain innovation for several reasons, Brachter said, “including the business-friendly climate that has been cultivated in Texas for many years, our TBC’s efforts in collaborating with legislators, and legal frameworks that enable entrepreneurs to stay ahead of the competition.”

New crypto mining site

Meanwhile, Bitstream Mining, a new cryptocurrency mining company situated in downtown San Antonio, is constructing a cryptocurrency “mine” in the Permian Basin with $3 million in funding from holding company Ecoark Holdings.

The project is part of the modern “Texas gold rush.” According to TBC, there are approximately 20 small-scale mines and five or six large-scale mines, including the country’s biggest mine in Rockdale, just outside of Austin.

Texas’ largely uncontrolled energy infrastructure and low-cost power are beacons for energy-thirsty cryptocurrency miners, who compete in a market characterized nearly entirely by unpredictability.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/texas-set-to-become-a-global-leader-in-cryptocurrency/