In 2017, bitcoin burst into the global consciousness when it soared from below $1,000 to nearly $20,000. It then just as quickly dropped out of the limelight as it crashed to below $4,000 and investors began to doubt claims that it would become the global currency of the future.

But while bitcoin may have dropped off the front pages, the cryptocurrency itself and the mining industry behind it are very much alive and kicking. Bitcoin miners, which saw a wave of bankruptcies when prices crash in 2018, are expected to return to profitability this year. The majority of those miners will maximize their profits by building their heat-producing mining computers in a cold climate and close to a cheap source of energy. But one innovative company in West Texas is doing things differently.

With an annual energy footprint slightly larger than that of Switzerland, bitcoin miners the world over may soon consider acting as a backup to energy grids that face seasonal spikes. Texas, which is both the largest oil-producing state and the largest wind energy-producing state in the United States has plenty of cheap energy for miners to take advantage of. And with its major electricity demand spikes in summer, it seems bitcoin miners may soon have to reconsider where they are setting up shop.

Last updated on Tue., May 26, 2020.