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Miners in Texas respond to heatwave and record power demand

As high temperatures in Texas this week have led to record-breaking power use levels for the month of June, presenting a test for state’s power grid. And the heatwave has had implications for some of Texas’s bitcoin mining operations. Energy demand hit a peak of 72,386 megawatts on Monday, setting a record for June — only to be surpassed the following day, when demand hit 72,785 megawatts, according to data from the Electric Reliability Council of Texas (ERCOT). The all-time …

Ted Cruz: ‘I want Texas to be the oasis on planet Earth for bitcoin and crypto’

Senator Ted Cruz wants his home state of Texas to be at the center of crypto development.    “I believe in Bitcoin,” Cruz said. “I want Texas to be the oasis on planet Earth for bitcoin and crypto.”   Cruz, a Republican, was giving the keynote address at conservative think tank the Heritage Foundation at a May 23 event called “Bitcoin and the American Experiment.” He was referencing the recent expansion of cryptocurrency mining in Texas.    The event featured …

Will a crypto mining rush really be good thing for Texas’s grid?

Quick Take As bitcoin mining rapidly expands in Texas, many in the industry assert that this will both strengthen the state’s unique power grid and encourage the growth of renewable energy. With so many different moving parts, experts say it’s hard to confidently say what the actual outcome will be. This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

Argo’s Texas ‘flagship’ bitcoin mining facility has been energized

Bitcoin miner Argo announced its new “flagship” facility in Dickens County, Texas has been energized and will start mining bitcoin next week. The company is holding an inauguration ceremony on Thursday. Argo expects that by the end of the year the new mining center will use 200 megawatts of power and increase its total hashrate by 243% to 5.5 exahash per second (EH/s). “We started construction on the facility in July 2021 and it is a tremendous achievement that the …

Argo secures up to $70.6 million in loans for Texas mining facility

Bitcoin miner Argo entered into an agreement to take up to $70.6 million in loans from crypto financial services firm NYDIG. The new capital will be used to continue the development of its Helios facility in Texas, the company announced Wednesday. The first tranche was scheduled for April 29 and the subsequent ones will be on May 31 and June 30. All of them have a 12% interest rate and are secured by mining machines at the Helios facility. The …

Riot sells half of bitcoin mined in April after 150% month-over-month production increase

Bitcoin miner Riot announced Tuesday that it sold about half of the bitcoin it mined in April, generating a total of $10 million in net proceeds.  The company has recently shared an ambitious expansion plan which includes two new facilities in Texas. Riot produced a total of 508 bitcoin in April, which is a 150% increase compared to the previous month. Typically, Riot tends to hold on to its bitcoin, as it “believes it is in the best interest of …

Bitcoin miner Riot announces massive 1 gigawatt expansion plan in Texas

Bitcoin miner Riot announced Wednesday plans to expand its mining capacity by up to 1 gigawatt (GW) in a new facility located in Navarro County, Texas. Between the new site and the Riot’s growing Whinstone facility, the company’s long-term goal is to reach 1.7 gigawatts in total developed capacity. “Upon completion of the Expansion, Riot’s developed capacity will total 1.7 GW, establishing the Company among the largest Bitcoin mining operations globally,” said Jason Les, CEO of Riot. Riot has already …

The city of Fort Worth, Texas votes to become a bitcoin miner

Fort Worth, Texas is getting into the bitcoin mining business, in a push to present the city as a leader in crypto. Council members unanimously voted in favor of a resolution on Tuesday to accept a donation of three Bitmain Antminer S9 bitcoin mining machines worth $2,100 from the Texas Blockchain Council. “These small but powerful machines mark Fort Worth’s larger commitment to becoming a leading hub for technology and innovation,” said Mayor Mattie Parker, who spearheaded the project. The …

Fort Worth, Texas to vote on whether to become a bitcoin miner

Fort Worth, Texas might soon become a small-scale bitcoin miner. On Tuesday, the city council will vote on a resolution to accept a donation of three mining machines from a pro-industry group and put them to use as part of a pilot mining project. “City Council desires for the City to be a local government sector leader and jurisdiction of choice in the Industry by welcoming and encouraging the growth of blockchain and cryptocurrency technology companies in Fort Worth,” reads …

Texas, Alabama securities regulators serve a casino NFT scheme cease-and-desists

The Texan securities regulator has issued an emergency cease and desist order to a metaverse investment scheme it has accused of being fraudulent The Texas Securities Commission is accusing Sand Vegas Casino Club, Martin Schwarzberger and Finn Ruben Warnke of illegally offering non-fungible tokens (NFTs) to create virtual casinos in metaverse venues like Sandbox, Decentraland, Infinity Void and NFT Worlds. The Alabama Securities Commission has filed a simultaneous cease and desist as well.  Those named in the order have advised …