One Washington State region is bucking the trend by utilizing resources created during Bitcoin’s boom rather than scaling down as many other companies have chosen to do in recent months in the North-western state.
The state’s cool climate brought in a wave of investment at the height of Bitcoin’s dominance on cryptocurrency markets, many in search of cheap hydroelectricity for mining. The downturn has left many Northwest crypto-related companies overleveraged and feeling the pinch, some going out of business, with some counties raising electricity tariffs for Bitcoin miners.
Douglas County has taken their own unique approach to the problem, having already revealed its exciting plans to build a blockchain innovation campus. The Department of Commerce at Douglas County has reportedly agreed to release USD 50,000 in a bid to start its development.
Neighboring counties, such as Chelan and Grant, having now priced miners out of the market, have left a far more reasonably tariffed Douglas County reaping the benefits. With Bitmain opening its USD 20 million mining project in East Wenatchee and the county trying to bring the mining operation GigaWatt back to life, the area is set for a blockchain revival. Lisa Parks, executive director of the Port of Douglas County is optimistic, and explains:
“There is more to the cryptocurrency story than the boom and the bust. We have some unique assets that make our region appealing… Let’s figure out a way to capitalize on it.”
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