New data shows that Bitcoin (BTC) mining in Texas saw a 30% increase in the month of August, while electricity prices in the state took a nosedive.
In a new thread, Pierre Rochard, the vice president of BTC mining company RiotPlatforms, tells his 58,200 followers on the social media platform
“Texas Bitcoin Mining Tax Increased 30%. Electricity prices in August fell by 80%. Anti-Bitcoin Critics in Disbelief.”
Rochard’s chart indicates that Bitcoin miners used 1,750,000 MHw (megawatt hours) in August 2023, while that figure rose to around 2,300,000 MHw in 2024, an increase of 31% year-on-year.
The data also shows a staggering drop in electricity prices. In August 2023, the average electricity price in the state was approximately $190 per MHw. A year later, that price tag dropped to just $40 per MHw, a drop of 79.52%.
Earlier this year, the U.S. Department of Energy (DOE) launched but shortly after halted an investigation into the energy consumption of crypto mining after being sued by Riot and the Texas Blockchain Council (TBC).
At the time, the DOE said it was interested in identifying key growth areas in mining and figuring out the energy consumption implications of mining crypto assets.
Bitcoin is trading at $58,149 at the time of writing, down 4.57% over the past 24 hours.
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Featured image: Shutterstock/Bryan Vectorartist
