Behind Cryptocurrency Mining

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Big Computers, Big Consumption

One of the biggest trends in the digital marketplace is mining for cryptocurrency. Cryptocurrency mining requires the use of powerful computers running 24/7 to solve complex equations. Mining can be done by individuals using high-powered computers or groups using a vast computer network. As such, cryptocurrency mining consumes a significant amount of electricity.

As cryptocurrency mining expands, there is a growing concern among Texans about its strain on the already vulnerable power grid. To learn more, we surveyed 727 Texans about their thoughts on cryptocurrency mining and its effects on the state’s infrastructure. Let’s look at what they had to say.

Key Takeaways

• 80% of Texans are familiar with cryptocurrency mining.
• 58% are concerned about the Texas power grid handling the growing cryptocurrency mining industry, and 44% believe it has already contributed to the strain on the grid.
• 10% of Texans say they live near a cryptocurrency mine.
  • Of those, 21% are concerned about the noise pollution of cryptocurrency mining.
  • Of those, 70% are concerned about the state’s power grid handling the growing Texas cryptocurrency mining industry.
• 61% of Texans think both the state and federal government should regulate cryptocurrency mining.
• 69% of Texans support Texas Senate Bill 1751, which caps how much cryptocurrency miners can participate in grid-balancing programs.
  • If this bill passes the House, 23% of those currently living near a cryptocurrency mine are more likely to continue living in the state.
  • If this bill passes the House, 6% of those who mine cryptocurrency are more likely to move out of state.

Key Takeaways

• 21% of Texans have personally mined cryptocurrency.
  • 62% of crypto miners mined for Bitcoin.
  • 43% of crypto miners mined for Ethereum
• On average, Texans who mined for crypto saw their electric bills increase by $40 per month.

Easing the Strain on the Power Grid

While cryptocurrency mining may benefit some, many Texans are concerned about its potential to strain the power grid. Texans are also worried about the ecological impact of such energy consumption and the currency’s instability. With such concerns, many Texans are calling for the regulation of cryptocurrency on either a state or federal level. As cryptocurrency mining expands and its use as legal tender becomes more common, miners and lawmakers alike will want to stay ahead of the crypto market to ensure success and secure the stability of the nation’s infrastructure.

Methodology

Payless Power surveyed 727 Texans on cryptocurrency mining. Of them, 52% were women, 46% were men, and 2% were nonbinary. In addition, 10% reported living near a cryptocurrency mine, and 21% reported mining cryptocurrency.

About Payless Power

Payless Power offers Texans reliable, pay-as-you-go electricity service at a low cost. Whether you live in a large city or small town, we can save you money today.

Fair Use Statement

Do you know someone interested in cryptocurrency? Feel free to share this article for noncommercial purposes only. You must provide a link back to this page so readers can access our full findings and methodology.

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