Wyoming State plans to house about 5% of the US BTC mining hash rate by the next halvening occurs. Currently, Wyoming has a population of 6 people per square mile compared to its neighbor Colorado which houses 56 people per square mile.
According to Wyoming authorities, graduates have very high ambitions, making the state unable to retain them in terms of careers and salaries. This is because their level of education does not match the wages they will be given.
Therefore bringing Bitcoin mining to Wyoming will help the economy to grow. Hence the graduates will get the opportunity to work and be paid according to their education and expertise.
Popularly known as “The Bitcoin Senator,” Senator Cynthia is working tirelessly to ensure that this policy enables Americans to lead the way in virtual assets mining. Additionally, America will maintain worldwide competition.
Bitcoin mining is similar to Wyoming’s main economic activity; energy, minerals, agriculture, and tourism. According to Dr. Holly Krutka, Wyoming is a proud energy-producing and exporting state. It has a lot of energy and even more than it can build.
He continues to add that;
“It would be the right thing to do by using our energy capacity to venture into opportunities like Bitcoin mining. Wyoming leads in carbon taking, use, and storehouse of Bitcoin. Furthermore, only less carbon will be emitted from the existing coal enabled power plants.”
Why Is Bitcoin Mining for Wyoming State?
Wyoming will be providing the 5% through energy companies. The companies have received many questions on Bitcoin mining in the last few months to help residents understand its benefits. The state is among the top ten states which mine Bitcoin at 0.7% producing 400PH/s of the country’s ability.
The U.S. current hash rate is at 35%, with the U.S. currently mining about 58EH/s. Wyoming could account for almost 2.88EH/s of the total worldwide hash power if it obtains the 5%.
To achieve this, Wyoming will need to have about ten times the hash rate to compete with new mining plans in the country. The Bitcoin mining hall will have miners and mining pool workers who will add more to the state’s ability with the 5% by the next BTC halving.
This discussion is open to start in the University of Wyoming School of Energy and Resources, with senator Cynthia’s opening remarks regarding bitcoin mining.
Among other topics, the discussion topics will include the status of U.S. mining. Additionally, the discussion will touch on what the BTC miners believe will help improve Wyoming’s economy. The next Bitcoin halving will take place in May 2024.
Other projects in the country include the recent project by celsius, which led to the company investing about $300 million. Genesis Digital assets also have about $431 million invested into bitcoin mining.
These and many others are strong competitors of the Wyoming ming project and goals. This indicates a lot of work has to go into making this a reality.