Denton Municipal Electric (DME), a nonprofit electric provider in Texas, has caught the eye of several cryptocurrency mining companies looking to establish operations in the state.
According to a Feb 17 report, these unnamed firms are pursuing a five-year agreement with DME to power their mining activities.
DME confirmed that discussions about potential leases have been ongoing for over a year, with one proposal suggesting the creation of a modular data center capable of supporting up to 20 megawatts. If successful, the deal could generate approximately $4.8 million in revenue for Denton over the lease’s duration.
Texas has emerged as a hotspot for Bitcoin mining, with estimates suggesting over 30 facilities operating at around 2,400 megawatts of capacity. The state’s contribution to the U.S. hashrate has soared from 8.43% in 2021 to 28.50% by July 2023, cementing its position as a mining hub.
As negotiations continue, the entry of new crypto mining operations could further solidify Texas’ dominance in the industry while providing a substantial economic boost to the city of Denton.
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