Texas Becomes Bitcoin Miners' Last Hope as Extinction Looms

Bitcoin miners are expanding their operations in Texas ahead of the upcoming halving event, which will cut the mining reward in half. Foundry, a mining firm under Barry Silbert's crypto empire, is diversifying its operations by offering machine sales, on-site deployment, and logistics services. Texas has become the crypto capital of the United States due to its abundant clean energy and favorable regulatory environment. The state's share of the U.S. hashrate has increased significantly, making it the bitcoin capital of the world. Despite the challenges faced by the mining industry, the total U.S. hashrate has more than doubled since the end of 2021, driven in part by institutional entry into the space.