A crypto mining facility in Wichita Falls (part of Clay County, Texas) has been active for some time. The funny thing is that nobody seemed to notice it.
Texas Is a Big Crypto Mining Haven
The mining facility has been extracting bitcoin and other forms of digital currency for several months. Judge Mike Campbell once joked that there were more cows than people in the area that the mining facility had made its home in. Developed by Dexa Resources, the company is taking advantage of the cheap rent and electricity payments that one often sees in Texas.
Campbell found out about the mining facility by accident. He was approached by officials from a neighboring city that was set to have a bitcoin mining company establish itself within its borders. They came to him for advice about the situation given that Clay County already had one such facility on its turf. Campbell scoffed and responded with:
I have no clue what you’re talking about.
He later researched the subject further and discovered, to his shock and amazement, that the company really did exist, and had set itself up on a Texas-New Mexico power line. It’s likely the facility was never noticed given how sparse the population within Clay Country is. The region covers more than 1,000 square miles yet only houses about 10,000 people.
Darius Tarsio – the general manager of Dexa – explained his company isn’t anything huge, but that Clay County was the perfect spot given that he and many of the firm’s executives already owned property and land in the area. Originally from New York, Tarsio moved to Texas when he began to experiment with crypto mining. He stated:
We’re a drop in the bucket compared to what’s going on in the state of Texas.
He’s certainly right about that. The state of Texas has become the go-to place for crypto miners over the past year, particularly for those who were mining in China. Last summer, the nation – despite housing roughly 65 to 75 percent of the world’s crypto mining projects – announced it was going to be ending the process to make the region more carbon neutral. Many crypto miners were either forced to move or close for good.
Several decided to travel to Texas given the state’s vast open spaces and low electricity rates. This has led to a big economic boom for the Lone Star State, though many are worried that the region’s power grid is not strong enough to handle all that’s being put on its shoulders. Some regions are even looking to scale back energy reserves that were initially being used by crypto miners.
Will the State Be a Region for Change?
Tarsio continued with:
There are certain states in the country that are going to promote decentralization of currencies. We hope Texas might be one of them.