Texas political leaders have been promoting the state as a destination for companies producing bitcoin and other digital currencies. But instead of moving to the state’s large urban areas, companies have largely done the opposite. | via texastribune
. Major companies such as Coinbase, a large cryptocurrency exchange, have tanked in value, and firms have lost billions. The fall in cryptocurrencies is part of a wider economic downturn, spurred by inflation, soaring interest rates and economic disruption caused by Russia’s war in Ukraine.had ripple effects“Following the 2021 crypto crackdown in China, many crypto miners came to Texas,” said Alexander Hernández Romanowski, a crypto research analyst at Tribal.
“I don’t know anyone who is actually making a case against it or has done any research,” said Virginia Palacios, executive director of Commission Shift, an organization that seeks to hold the state’s oil and gas regulator accountable. Crypto companies still add millions of dollars to the local tax base, Young said, and in Milam County, Riot Blockchain also helped rebuild the local animal shelter and installed new lights at local sports fields.
“When they first came here, people had no idea what it was — neither did I,” Young said. “As it’s gone forward, the county as a whole has started to get a grasp of what’s going on and clearly appreciates the fact that they’re out there providing jobs, enhancing county services, hiring local contractors for the most part and spending a ton of money here. It’s a huge benefit to the county.”In Dickens County, Argo Blockchain has hired more than half of its roughly 50 employees from the community.
“It sounds counter-intuitive,” said Lane Kingsbery, data center manager at the Helios facility. “But it’s a great tool that actually extends their life and improves efficiency.”But in Dickens County, Rodriguez said most people appreciate what Argo Blockchain’s Helios facility has brought to the community. And for him, life has dramatically improved.
After applying and landing a job as a technician, Harris said she has been promoted twice. She said she makes better money than she did freelancing and now has health benefits.
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