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Bitcoin helps Texas town grow with $1 billion investment

Bitcoin helps Texas town grow with $1 billion investment

GrafaGrafa2024/10/09 06:05
By:Isaac Francis

Rockdale, Texas, once struggling after the closure of its major employer, has found new economic life thanks to Bitcoin (CRYPTO:BTC) mining. 

In an opinion letter published on October 7 in the Austin American Statesman, Mayor Ward Roddam expressed his gratitude to the Bitcoin mining industry for revitalising the town’s economy.

The town faced a severe economic downturn in 2008 after the Alcoa aluminum plant, which had operated since 1952, closed due to rising energy costs and regulations. 

The plant's closure left hundreds unemployed, forcing families to leave the town of 5,500. 

Rockdale lost millions in tax revenue, leaving the local government unable to fund essential services like schools and public works.

However, Rockdale's unused energy infrastructure, including substations and transmission lines, attracted Bitcoin mining companies. 

Despite initial scepticism, Roddam has become a strong advocate for the industry. 

The mining companies have invested over $1 billion into the local economy, creating hundreds of mid-skill jobs and helping to stem the population decline.

These companies have also become the town’s largest taxpayers, contributing to local schools, police and fire departments, and other community initiatives. 

In Roddam’s words, “Bitcoin miners have become a solid foundation for the town.”

Roddam shared his story to counter negative perceptions of Bitcoin mining at the state level, explaining that, in his experience, the industry has provided significant economic benefits. 

"Some policymakers misunderstand Bitcoin’s positive impact," Roddam said, emphasising that Bitcoin mining has created valuable employment and transformed the town’s future.

Additionally, nearby Corsicana is following Rockdale’s model, with plans by Riot Platforms to build a state-of-the-art mining facility. 

This development could generate $1.4 billion in taxable purchases and $115 million in wages over the next decade, further solidifying Texas as a new hub for crypto mining.

At the time of writing, the Bitcoin price was $62,472.89.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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