While paying for cryptocurrencies is certainly an option, there is another way that people will tend to get it. People can instead mine cryptocurrencies, but this requires a lot of processing power and cheap energy. Therefore, many miners in the US have decided that rural Texas is the best spot for their massive mining program.
While the mine is still under construction, it will house hundreds of machines solely dedicated to mining crypto. These machines will be significantly more powerful than the average PC, specifically designed for the task. Some reports are also saying that these are custom-built units, with an emphasis on mining.
All of the units will go into a 320-acre mining facility that will be running non-stop. The massive facility is in Dickens County, where all of the computers will be solving a series of algorithms. After this process, all of the miners will have fresh Bitcoin in their hands. Each Bitcoin is currently going for $45,000 a token.
However, with a rig and operation of this scale, they will need a lot of electricity. Fortunately, the top elected official in Dickens County, Kevin Brendle, was quite open to the idea of a crypto mine. His confidence in the mine came from the new infrastructure bill that managed to pass through the Senate recently. With that bill in pay, there could be millions of dollars flowing into the local economy through taxes.
A Canadian crypto mining firm, Argo Blockchain, approached Brendle with its idea to create a mine. He was overwhelmingly supportive of the idea, as he believed that it could stimulate the local economy significantly. It is worth mentioning that Dickens County is, although quite big, not very densely populated. Brendle said as much himself, mentioning that it is mostly just wetlands and green pastures.
On the other hand, Argo Blockchain does not have completely philanthropic reasons for moving to this small county. Rather, Dickens County has some of the cheapest electricity in the world, making it a prime spot for this mine. With so many powerful machines working 24/7, the cost of electricity can really eat into the potential profits of the entire program. But with their mine in Dickens County, they will be enjoying greater profits.
Before, China used to be the best place to open a crypto mine, as it had very cheap electricity. In fact, most of the mines already operated in China. But with the country working on bringing its own cryptocurrency into the market, they started to shut down all other mines, especially Bitcoin ones.