North Dakota officials are attempting to entice cryptocurrency mining companies to locate in the state. The department declares that the state has already secured $3 billion in crypto investment and is on the verge of attracting another $3 billion in projects.
North Dakota government officials attended the Bitcoin 2022 conference in Miami in order to entice cryptocurrency miners to move to greener pastures. They promised the “cleanest cryptocurrency on the planet.” The North Dakota Commerce Department invested $35,000 on the trip, hoping for a return of 20,000% or more from its participation in the conference.
North Dakota hopes to finish off its reliance on agriculture and oil by luring cryptocurrency mining companies to set up shop in the Upper Midwest state. There have been no tax breaks or funding because the state depends on its natural resources.
Every year, massive volumes of excess natural gas that are uneconomical to pipe anywhere in the United States are burned off, wasting energy and emitting greenhouse gases.
Miners are increasingly setting up rigs to use this by-product of the oil industry. It’s not only good for the environment, but it’s also good financially because they get block rewards and can sell the associated carbon credits.
ND Commerce Commissioner James Leiman stated on the Chris Berg Show on local radio that he wanted to position North Dakota as having the cleanest cryptocurrency on the planet.
Companies and governments are ready to pay the higher price for carbon credits.
Smaller crypto mining activities have already formed themselves in North Dakota’s Bakken oil fields. They operate on leftover natural gas that would otherwise have been burnt down into the air by using a byproduct to power miners is a good thing, other countries power their mining industry with renewables.
