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Grundy Center has one of the first large-scale cryptocurrency mining sites in Iowa and uses more electricity than all the residential customers combined. State officials say the high-energy demand should be a red flag.
A Bloomberg report ranked the city as a standout city in the nation for crypto-related job hires, averaging 1.9 crypto hires per 100,000. Three of the top 10 cities were located in New York state.
From October 2020 to May 2021, nearly 7,000 people lost more than $80 million on fake cryptocurrency schemes, according to the Federal Trade Commission. States are issuing fines and orders to try to prevent future fraud.
The state’s low-cost energy is a great draw for those looking to expand the cryptocurrency industry. But mining the digital currencies consumes a lot of power and some experts aren’t certain that the state’s power grid can withstand the stress.
Texas Republicans have largely welcomed the blockchain technology industry with open arms. But skeptics are concerned about cryptocurrency mining’s impact on the environment and energy grid.
The state’s largest electric utility, Ameren Corp.’s Sioux Energy Center, is mining bitcoin to avoid wasting energy and stressing its power plants. Ameren believes it is the first or one of the first utilities in the nation to do so.
Holly Kim, the Lake County treasurer who is running for re-election next year, received a $3 Litecoin donation toward her political campaign, making her the first Illinois political candidate to accept digital currencies.
The new cryptocurrency, which just kicked off last week, has generated nearly $1 million for the city. The creator of the new coin has said that using MiamiCoin could help incentivize civic engagement.
As discussions around cryptocurrencies increase, fintech innovators are looking to receive direction on how to launch new products more easily while lawmakers focus on risks and volatility.
With one of the region’s largest cryptocurrency mining facilities, a Bitcoin ATM operator and a bill that would allow special trusts to hold digital assets, the state could be a center of the growing fintech industry.
As Bitcoin gains momentum, some cities, including Los Angeles, Harrisburg and Raleigh, are allowing Bitcoin ATMs. The trend has both advantages and downsides.