Crypto Miners Eye Texas for Energy Abundance; Banks View Digital Entrée
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Texas' power-generating abilities have captured the attention of cryptocurrencies as miners move to the state. There are about 100 significant cryptocurrencies, with a market capitalization of approximately $1.2 trillion, down 60 percent from their recent peak in fall 2021. Texas' attraction may be the state’s relatively inexpensive energy and favorable regulations. Some investors not only buy and hold cryptocurrencies because they believe they will increase in value but also because cryptos may act as an inflation hedge, although that hasn’t been the case in the current high-inflation episode. Some worry that with no government backing, cryptocurrencies' value is not secured by any central authority and could collapse. The decentralized finance system is highly decentralized and has potential to reduce costs and accelerate. Source