Clean energy initiatives are sweeping across Texas to revamp the failed grid.
Bitcoin Mining Moving to Texas
With the latest mining crackdown in China proving to push assets outside of the country, a literal vacuum of power has been left open. The state of Texas in the United States, despite being averse to crypto banking, has been rallying companies and investment to help fix the failed Texas grid and usher in an era of sustainable bitcoin mining.
Lancium, an energy technology and infrastructure company out of Houston, confirmed in a press release on December 21 that their $2.4 billion project to host Bitcoin mining and other energy-intensive applications has been approved. Taylor County and the City of Abilene will see investments over 20 years in an effort to build the Clean Compute Campus across nearly 800 acres. The project will start with the capacity of 200 megawatts with an expected expansion to over 1 gigawatt.
“We are very proud to be part of the community and build one of our flagship Clean Campuses in Abilene,” said Michael McNamara, Co-founder, and CEO of Lancium. “We chose Abilene for our second Clean Campus because of its ideal location, proximity to abundant wind and solar generation, high-quality workforce and the opportunities to grow in the future.”
As mining in Texas continues to grow, sustainable and eco-friendly projects like the initiative from Lancium will be needed to change the stigma currently beset over cryptocurrency mining. The critical infrastructure problems in Texas, made ever apparent when the grid failed in February 2021, could find a complementary solution with cryptocurrency investment.
“I think the fact that it’s all energy companies investing suggests that we have a shared vision of the role bitcoin mining should play in the grid,” McNamara told MacKenzie Sigalos of CNBC in November.
McNamara, along with Senator Ted Cruz, see mining as something that could be a net-positive to Texans despite the current rhetoric that hounds the industry. Lancium has begun work on other facilities in Texas, with their initiative of clean mining looking set to take hold across Texas.
What is Lancium?
Lancium is a technology company creating software, technical solutions, and energy infrastructure that decarbonize the grid. Lancium strives to be the leader in green, low-cost infrastructure that will power the next generation of cryptocurrency mining and other distributed energy-intensive applications. Its solutions help ensure that renewable energy can power our future. Lancium has numerous issued and pending patents.
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