Back in November 2022, NiceHash joined the Texas Blockchain Council. But what’s it all about, and why is it that organizations such as this are so important to the Bitcoin space?

What is the TBC?

The Texas Blockchain Council is a nonprofit trade association that represents the Texas business community specializing in Bitcoin and blockchain technology. Their mission is to make Texas a leader in Bitcoin and Blockchain innovation by promoting blockchain technology initiatives such as bitcoin mining.  The Council is working to make Texas the most favored jurisdiction in the United States for blockchain business and investment. They have established a Blockchain Caucus within the Texas Legislature, which is a group of champions from both sides of the aisle to promote legislative initiatives. They have also launched several public-private partnerships with economic development entities, research institutes, and other private companies to foster blockchain innovation.

The Council is very active on many fronts, such as government, education, industry work groups and public relations, which help to increase the level of understanding and awareness of these technologies. You can say they assist in “getting things done”, by providing the expertise and resources necessary for decisions to be made with all the right information and knowledge at hand, especially when such a nascent technology can have big impacts on future lives and economies.

Why does it matter?

Bitcoin and blockchain are still widely misunderstood by many people, especially on official levels, where legislation and regulations tend to move at a much slower pace than the technologies that are emerging. In order for economies or geographic regions to take advantage of new technologies, there must be an attractive and stable business environment, but also a dynamic model that can quickly adapt to new changes. Nobody wants to set up business or invest in regions that are either too slow (Europe) or too unpredictable (China), and it’s estimated that over 47% of blockchain investments are in North America, with the Asia Pacific region second.

This is where Texas is starting to power ahead of many other regions, by embracing the various challenges, such as energy use, infrastructure, and turning them into an advantage. By working hand in hand with all the ‘elements’ that create a successful business environment, Texas is fast becoming the top destination for Bitcoin miners.

Energy flexibility and mining

One of the key developments is how mining companies in Texas are able to work with ERCOT (the state power grid), to load balance and actually improve grid stability. Texas has a notoriously unstable grid historically, but new technologies such as bitcoin mining help to balance loads. Power can be dynamically turned on or off based on the needs of the grid, and mining can use excess power produced for favorable rates. 

Texas has long been an energy hub, and miners are also able to use gas flares to power their operations, keeping costs low and benefiting the environment at the same time. When gas is flared, methane is released into the atmosphere, which is far more damaging than CO2 emissions, and Bitcoin mining harnesses the excess flaring and transforms it into energy, thereby reducing methane emissions. This would normally be too expensive and render most sites unprofitable, but thanks to Bitcoin's genius design of transforming energy into value, it benefits everyone.

NiceHash in Texas

NiceHash strongly believes in a future powered by Bitcoin, and we are proud to be members of the TBC, where we can contribute to the innovation and exciting business environment that is being pushed forward by the council. NiceHash has long been a backbone for many mining operations, providing a live hashpower marketplace that offers an alternative to miners than mining directly. Flexibility is key to any business needs, and our no contracts, no limits model means any operations, large, medium, or small can benefit from an additional revenue source (currently 6% more than the hashrate index) that can be a huge benefit to miners.

Bitcoin brings people and business together more than ever before, and we will be sharing news and content relevant to one of the fastest growing Bitcoin hotspots in the world, so make sure to follow us on our media and communities to stay up to date.