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Texas is now the leader in bitcoin mining following the crackdown and purge seen in China. Most Bitcoin mining companies are already based in the state, or are currently moving operations there. Why Texas?
Partly because miners at scale compete on low-margins where energy is their main variable cost. The grid in areas of the state is deregulated, meaning that customers can choose between providers. The competition among power providers in Texas is a good for miners, since it typically translates to lower rates.
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