“The benefits to society are infinite as the industry comes together to show communities that crypto is not just good for society, but that it is a good neighbor too” — Paul Ebeling
For instance, last Winter, Texans faced a disaster. Hundreds of people died after the power grid failed to withstand a deep freeze. Governor Abbott took heat for the state’s power situation, and he believes that he has found a solution.
The theory is that more Bitcoin mining would encourage more electricity providers that the energy demand would allow providers to make a business case for creating additional power plants.
Also, during times of extreme need Bitcoin miners could shut down their operations in order to allow more bandwidth for heating homes. Some mining operations have volunteered to make such adjustments for the public welfare.
The industry, which has been under scrutiny for its energy usage, is working to enhance community appeal. Blockchain technologies have huge potential. The industry will categorically change the way people interact with the financial system.
This industry has enormous potential to create a public good, as it can work hand-in-hand to help enhance the world in which we all want to live. A partnership with the state of Texas to enhance the electric grid is a win-win for all involved.
The president of the Texas Blockchain Council, has been quoted as saying, “[I]t’s really a healthy dynamic that brings tax revenue, brings job creation and also is a grid strengthening mechanism.”
And Texas makes sense as a place to begin building that community-1st mindset. The Texas Blockchain Council notes that the state is home to 27 mining operations, and the state made it easier to utilize digital assets as collateral for loans. For his part, the Governor established the Work Group on Blockchain Matters.
At a blockchain conference, Ted Cruz, US senator of Texas, said, “In five years, I expect to see a dramatically different terrain, with Bitcoin mining playing a significant role as strengthening and hardening the resiliency of the grid.”
The Texas Blockchain Council anticipates that by Y 2024 an additional five gigawatts of electricity will be required for mining operations in Texas. Governor Abbott is banking on more consumption making the electric grid more stable. And given that blockchain is not going away, it is time to look at how the industry can co-exist with society in a way that not only does no harm but also enhances the quality of life.
The crypto industry will bring good high-paying jobs. And that CBDCs will help bring the world’s unbanked population into our financial system. Blockchain technology will be the Key to solving global supply chain issues.
The above are just a few of the infinite possibilities. The industry must come together to show our local communities that we’re not just good for society, and good neighbors too.
Have a happy, prosperous weekend, Keep the Faith!