North Dakota authorities have moved to the Bitcoin 2022 conference in Miami to attract miners to their greener pastures. They came with the promise of “the purest cryptocurrency on the planet.”
The North Dakota Department of Commerce dropped $35,000 on the trip, saying it expects a return of 20,000% or more from their conference attendance.
The administration has announced that the country has already received $3 billion of investment in cryptocurrencies and is on the cusp of raising another $3 billion in projects.
North Dakota is looking to end its dependence on agriculture and oil by attracting cryptocurrency mining companies to settle in the upper Midwest. There are no tax or financial incentives as the state relies on its natural assets.
They are known for their cool and dry weather, which helps cool extremely hot mining rigs. Add to this cheap electricity and the promise of the cleanest energy in the world, which is attractive to some mining companies.
Outlet in North Dakota
Every year, huge amounts of excess natural gas are flared from gas and oil fields in the United States, making it uneconomical to touch it anywhere, wasting energy and emitting greenhouse gases.
Increasingly, miners are building platforms to extract this by-product of the oil industry. This is good not only for the environment, but also financially, as they get big bonuses and can sell the corresponding carbon credits.
North Dakota Commerce Commissioner James Lehman said on local radio show Chris Berg Show that he wants North Dakota to have the cleanest cryptocurrency on the planet.
“We actually came up with a way to use carbon, which for some reason is a global responsibility, and we were able to make money from it in six ways.” Businesses and governments are willing to pay a premium for these carbon credits.
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“We can take responsibility for others or their waste, if you like, and make it our tax. This is why North Dakota is such a highly specialized place for some crypto miners. In addition, the cost of electrons is low here compared to the rest of the country.” There is also access. rich gas reserves. In my opinion, the sky is the limit for the crypto industry.”
Small-scale cryptocurrency mining operations have already established themselves in the Bakken oil fields in north-central North Dakota. They are powered by leftover natural gas that would otherwise burn up in the atmosphere. While it is normal for miners to use a by-product, other countries use renewable energy to power the mining industry.
Norway’s bitcoin mining credentials are valid globally, with the small Scandinavian country hosting 0.77% of the bitcoin hash rate using 100% renewable green energy.