One would think, but Biden is looking at imposing a 30% excise tax on crypto miners. This is directly targeted at Texas, to slow further development and growth in that state. Crypto has been one of the largest drivers for renewable energy in Texas, and now they want to put a dagger in it. Investors are watching closely at putting any money into the grid because of the Biden administration.
If that tax goes into effect, Texas will have far more energy production than it needs, possibly causing an energy-market crash in that state. I don't know, but it almost seems intentional. Texas can consume up to 8900 megawatts in the summer, average around 6500 MW, and crypto operations consuming up to 2500 MW.
If that tax goes into effect, Texas will have far more energy production than it needs, possibly causing an energy-market crash in that state. I don't know, but it almost seems intentional. Texas can consume up to 8900 megawatts in the summer, average around 6500 MW, and crypto operations consuming up to 2500 MW.
There is a lot to think about.