Investments in mining are rising actively
The most striking example here is the decision of Galaxy Holdings, owned by Mike Novogratz, to acquire Argo Blockchain's largest facility, Helios. However, experts generally note an increase in the activity of miners in Texas.
As for Mike Novogratz, the billionaire spoke about his willingness to invest in cryptocurrency mining after the industry went through an extremely difficult 2022. The new one will bring devices that previously operated in Canada. Helios is now commensurate with three soccer fields, with plans to increase capacity to 800 mW.
Galaxy Digital shareholders expressed unanimous support for buying the venture, as its stock rose from $3.33 to $5.23 apiece in less than a month.
Texas Mining, which experienced tremendous difficulties last year, is now attempting to recover. There are currently 30 companies operating in the state. What's more, they have support from the authorities. One of the reasons is the cooperation with the energy networks to stabilize the load. Miners are also involved in the development of remote communities, providing jobs.
Another reason for the increased investment in mining activities in the state was the confidence of the Blockchain Working Group that the state is able to maintain leadership in BTC mining, similar to oil production.