Douglas County officials drive the development of cryptocurrency mining, due to the energy advantages of the district
Last Friday, January 11th, officials from Douglas County, in downtown Washington, reported that they plan to build a research center to study the use of cryptocurrencies to boost local mining.
The so-called “Campus of Innovation on blockchain technology” seeks to give strength to the market of cryptocurrency in the locality. Douglas County is home to many cryptocurrency enthusiasts, miners and crypto entrepreneurs who saw the small county as an important market opportunity, because electric power is low cost compared to other counties in the United States. This is due to the development of the hydroelectric industry which exists in that place.
However, the flow of mining has recently decreased due to the recent fall in the market and the recession. It is hoped that with the support of county officials mining can be boosted and some of what was lost during the recession recovered. In an interview for local media, Lisa Park, Port of Dulglas County’s Executive Director, commented: “There is more to the story (of cryptocurrencies) than boom and bankruptcy”.
These statements made it known that the county Department of Commerce will invest $ 50,000 to build and develop a campus which will serve as a research and innovation center for blockchain technology and cryptocurrencies.
The boom in mining in the county has brought considerable growth in high-speed computing, experience in cryptoactive and commercial growth, so it is visualized that with the support of the hydroelectric power the community is the national center of crypto-industry. So county officials commented: “We have some unique assets that make our region attractive to that industry. […] Let’s find a way to capitalize it”.
Other Counties are Not So Favorable
Not all the counties around Washington are so supportive for the mining industry and blockchain. It is the example of the County of Chelan, through the Public Services District developed a cost structure to increase the collection of electricity taxes for those who are engaged in mining cryptocurrencies, this due to the high demand that entails the mining.
It was also learned that in the same locality some measures of delay or impediments were carried out by the County officials. The reason for these actions was the improper use of some mining activities without authorization.
Although other nearby counties have taken action to slow down this industry a bit, due to the high energy costs of mining, Douglas County seeks to enact and promote the development of this technology.
Even after the mining company Giga Watt declared bankruptcy leaving a considerable debt to the District. However, an agreement is currently being reached to make the company’s former facilities work as a mining and county development site.
It is expected that in Washington, the called Blockchain Association would be created by Coinbase and Circle as a proyect to awaken interest in the crypto world, in order to achieve more acceptance by citizens.
By María Rodríguez