Texas Bitcoin (BTC) Mining Load Increased 30% During August as Electricity Prices Fell 80%

New data reveals that Bitcoin (BTC) mining in Texas has seen a 30% increase during the month of August as electricity prices in the state nosedive.

The State of Texas is quickly becoming a crypto mining hub thanks to its low electricity prices and supportive regulatory environment. According to new data, Bitcoin (BTC) mining in Texas increased by 30% in August as electricity prices in the state plummeted.

The new figures were shared by Pierre Rochard, vice president of BTC mining firm Riot Platforms, on the social media platform X.

“Texas Bitcoin mining load increased 30%. August electricity prices fell 80%. Anti-Bitcoin critics in disbelief,” wrote Rochard, who has 58,200 followers on the platform.

According to Rochard’s chart, Bitcoin miners used 1,750,000 MHw (megawatt-hours) in August 2023, while in 2024, that figure jumped up to about 2,300,000 MHw, a 31% year-over-year increase.

The data also reveals a drastic drop in the price of electricity. In August 2023, the average price of electricity in the state was about $190 per MHw. A year later, that price tag cratered to just $40 per MHw, a 79.52% drop.

This news comes on the heels of a recent report from the Texas Blockchain Council (TBC) that highlighted the state's potential to become a global leader in Web3 and digital asset innovation.

The report, which was presented to Texas Governor Greg Abbott, outlined several key areas for collaboration between the state and the Web3 industry, including education, workforce development, and regulatory initiatives.

Earlier this year, the U.S. Department of Energy (DOE) began a survey on crypto mining energy use, but the effort was quickly halted after being met with legal challenges from Riot and the TBC.

At the time, the DOE stated that it was interested in identifying key areas of growth in terms of mining and the energy use implications of mining crypto assets.

Bitcoin is currently trading at $58,149, down 4.57% in the last 24 hours.