The electricity-intensive nature of cryptocurrency mining has been a source of controversy and also one of its biggest drawbacks. Regardless of all that, Dallas-Fort Worth residents are still determined to pursue financial gains from crypto mining. The number of people in Dallas-Fort Worth who have embraced cryptocurrency mining is steadily rising and this means that there is more electricity consumption in the area.
Some of the individuals that have joined the cryptocurrency mining community in Texas have already experienced the impact of that heavy demand for electricity. For example, Stanley Edgar?s home in Rockwall, Texas had a power blackout on May 29 after a short circuit. The blackout at Edgar?s house was caused by his son Brandon?s girlfriend who plugged in a vacuum cleaner into a power source, thus overloading the circuit breaker.
One of the reasons why it happened is because Edgar?s house consumes four times the amount of electricity consumed by a regular household in Texas. Most of the power demand from his house is used by hardcore computing hardware that is used to mine digital currencies such as Bitcoin (BTC).
Cryptocurrency miners play a key role in the cryptocurrency market since their computers manage and calculate day-to-day cryptocurrency transactions and are in turn rewarded for the work done. The Edgars are some of the biggest cryptocurrency miners in Texas. During an interview, Brandon stated that cryptocurrency mining is somewhat similar to trading penny stocks especially in the sense that miners hope cryptocurrencies will continue gaining value.
The crypto mining community in Dallas
According to 29-year-old Dallas resident Jacob Stewart, the local cryptocurrency mining community in his area is small but they are well-connected. Stewart has a full-time tech support job but he also helps run a cryptocurrency investment platform. He claims that he has been seeing the same people in cryptocurrency-related meetings.
Some of the individual miners in the area have crypto mining equipment worth a lot of money. Most of them have invested in heavy equipment because, the more powerful the mining rig, the more the cryptocurrencies they earn. High power consumption is the only tradeoff. Edgar revealed that his household consumed 6,500 kilowatt-hours of electricity in April with a mining setup that consists of 35 GPUs. However, the earnings were also up there with coins worth around $7,500.
Disclaimer: Nothing in this article should be construed as financial advice in any way, nor as an encouragement to engage in cryptocurrency trading activity. This article was not sponsored by any entities or companies mentioned in the article. The only purpose of this article is to inform/educate on the topics discussed in the article.
Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at email@example.com.