Bitcoin Mining Crackdown In China Is A Boon For Texas
China’s Bitcoin mining ban is having ripple effects:
Bitcoin mining crackdown in China is a boon for Texas
John King knew his small town of Rockdale, Texas, had landed on the global crypto map when three Chinese bitcoin miners showed up at City Hall unannounced this summer.
Then came the phone calls to the city’s Chamber of Commerce, from investors asking about power hookups, to connect mining equipment they planned to ship from China. None had ever stepped foot inside the rural West Texas community, with a population of roughly 5,600 people.
“I didn’t have any inkling [about what was happening in China] until my first phone call,” King said. “But there are lots of smaller miners that are pulling together and trying to come over here now.”
The interest, sparked by a crypto mining crackdown in China is poised to give Rockdale a significant lift, as miners scan the globe for new opportunities, setting off an exodus dubbed “the great bitcoin mining migration.” From neighboring Kazakhstan to Canada and the United States, Chinese players are scrambling to find real estate to rehouse their data servers, shifting the crypto power dynamic away from a country that’s long been home to more than half of the world’s bitcoin miners.