Washington State County Doubles Down on Cryptocurrency After Mining Bust

mining

After the increase, backlash, and (partial) bust of Bitcoin in central Washington, one would possibly count on an aversion to the know-how. But as an alternative, one authority desires to capitalize on the assets left within the aftermath, to advertise new development in blockchain.


A Story Sad To Tell

Central Washington’s story will not be unusual within the cryptocurrency world. A cool local weather and a shed-full of low cost hydro-electric energy attracted speculators from as distant as China. The new cryptocurrency gold-rush promised a rebirth for this sleepy rural a part of the United States.

But when cryptocurrency costs dropped, so did the world’s fortunes. Companies over-leveraged by bold enlargement plans, discovered themselves dealing with chapter. While on the similar time, the general public backlash brought about some authorities to take measures reminiscent of rising electrical energy prices for miners.

But Douglas county has taken an alternate tack.

Speculate To Accumulate

Authorities there see large potential in all of the high-speed computing energy and blockchain experience leftover from the increase. By repositioning itself as a middle of blockchain excellence, Douglas county hopes to learn because the know-how revolutionizes different industries.

Hydroelectric dam

Lisa Parks, government director of the Port of Douglas county explains:

There is extra to the cryptocurrency story than the increase and the bust. We have some distinctive property that make our area interesting… Let’s work out a strategy to capitalize on it.

But the proposed ‘Blockchain Innovation Campus’ is barely a part of the image. In order to entice new improvement within the blockchain business, Douglas county continues to encourage its present cryptocurrency miners.

Bucking The Trend

Unlike neighboring Chelan and Grant counties, which primarily priced miners out of the market with energy-cost hikes, Douglas’s fee enhance was much more modest.

The results of this has been continued funding from new mining operations. In November, Bitmain opened a $20 million mine within the area, close to the city of East Wenatchee. And the county is making an attempt to revive the mining operations of GigaWatt, which had turn out to be an unlucky poster-boy for the world’s Bitcoin bust.

While some would possibly count on a once-bitten twice shy angle, having beforehand been burned, native authorities have a unique outlook. As the following iteration of blockchain continues to develop, such an outlook ought to see them nicely positioned for the following section.

There is, in any case, trusted knowledge in not throwing out the infant with the bathwater.

Will Douglas Country’s financial system profit from supporting the blockchain business? Share your ideas beneath!


Images courtesy of Shutterstock

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