Texas is leading the way in the cryptocurrency mining industry. For the past three years, the North American Blockchain Summit has been held in Texas, this year taking place in Fort Worth. The Texas Blockchain Council has attracted current and former presidential candidates, as well as United States senators, to the event.
The Council president, Lee Bratcher, has mentioned how the state treats cryptocurrency mining like any other heavy industry, and the city of Fort Worth has even begun its own mining operation. The Council is attempting to create clear regulations and instill trust in the public in order to shift away from the industry’s “Wild West” image.
Despite the positive outlook, there are still concerns surrounding mining and its effect on the energy grid. Some don’t like how crypto companies are receiving millions of dollars from the state to limit power usage when the ERCOT system is vulnerable.
Bratcher has responded to these issues by emphasizing the vast job opportunities and investment dollars cryptocurrency is bringing, especially to rural areas. He also hopes to combat the bad actors of the industry, such as Sam Bankman Fried, who was convicted of a large-scale fraud scheme.
At the summit, presidential candidate Vivek Ramaswamy presented his policy pitch to voters, which includes limiting the power of the Securities Exchange Commission and treating the coding behind blockchain technology more like speech. Andrew Yang, former 2020 presidential candidate, believes blockchain technology will eventually allow Americans to vote in elections from their phone and lower poverty rates. Robert F. Kennedy Jr. was also in attendance.
The event has been well-attended by state and national leaders of many political parties, including Texas Republican Senator Ted Cruz, Wyoming Republican Senator Cynthia Lummis, and Oregon Democratic Senator Ron Wyden. With this attention, the industry is sure to thrive in Texas.