A lawsuit filed against a bitcoin mine in Texas has shed light on a growing trend: US crypto mines backed by millions of dollars from Chinese investors

Tue, 12/26/2023 - 09:46

Whinstone US Bitcoin mining facility in Rockdale, Texas — The influx of Bitcoin facilities in Texas has raised annual power bills across the state.
Photo by Mark Felix / AFP) (Photo by MARK FELIX/AFP /AFP via Getty Images

Texas and other US states have welcomed cryptocurrency miners.
In 2021, China banned crypto miners, and some of these seem to have moved to the US.
A New York Times report shows the difficulties of tracking international investment in the industry.

After China banned all crypto transactions and mining in September 2021, bitcoin mining companies increasingly turned to places like rural parts of Nebraska, Wyoming, and especially Texas.

Recent reporting by The New York Times suggests these crypto mines are leading to some worrying socio-economic implications.