Cryptocurrency mining in Wyoming is a promising business. This insight comes from local miners who remarked that the US state is well-positioned to house cryptocurrency miners.
We are interested in reading and sharing this report regarding virtual currency mining in Wyoming with our readers. We think it informs the advantages this cryptocurrency-related business can deliver if local authorities thoroughly evaluate its perks and downsides and eventually give it the green light.
According to the report posted online by Wyoming Public Media, a news and cultural programming provider based in the US state of Wyoming, the cryptocurrency miners described Wyoming as an ideal site because of its potential for low energy prices.
Additionally, they mentioned that cryptocurrency mining in the state is feasible due to the overall accessibility of baseload or the minimum level of demand on an electrical grid over a given period.
The virtual currency miners remarked that this state in the Western United States’ Mountain West sub-region is well-positioned to accommodate them due to its low-carbon power production through wind energy. These cryptocurrency miners also cited the largest barriers to entry in Wyoming right now are the energy costs.
In this US state, energy prices are upwards of 50 percent higher compared to other states. This reality is because of the capacity, transmission, and distribution costs.
After learning about the benefits of supporting cryptocurrency mining in Wyoming, utility companies like PacifiCorp and Black Hills Energy have affirmed that there is a massive opportunity in the sector. Plus, mining entities are already reaching out, looking for up to 500 megawatts of energy.
This amount would reportedly be over twice the state capital, Cheyenne’s electricity demand. Meanwhile, the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology contemplated some questions regarding cryptocurrency mining in Wyoming.
The committee members wondered how the US state would entice more virtual currency miners and profit from this venture. Additionally, the state select committee identified the issues of turning possible revenue from cryptocurrency mining in Wyoming into actual revenue.
Among these challenges are the business cost, fiber redundancy issues, and regulatory questions. The lack of a proven way for utility companies to enter contracts with cryptocurrency miners is also among the numerous issues identified.
The Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology has heard hours of testimony lately, gauging the challenges and opportunities of virtual currency mining in the state. The group intends to draft legislation and hopes this ruling will ease the issues involved in cryptocurrency mining in Wyoming.
We appreciate the efforts of both the cryptocurrency miners and the Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology. They pondered on the possibility of cultivating the industry of crypto-asset mining in Wyoming.
We hope that the authorities will comprehend the benefits the state would derive from this virtual asset-related venture. After all, we believe that supporting cryptocurrency mining in Wyoming will surely bring plenty of financial benefits to the state and its people in the long run.