Bitcoin generator moving to Corpus Christi

By April 20, 2022Bitcoin Business
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Bitcoin generator moving to Corpus Christi
Untended farmland on McKinzie Road in northwest Corpus Christi will be the site of a bitcoin mining facility. Bitcoin mining uses supercomputers to solve puzzles that create digital currency. Courtesy photo

City Council de-annexes acreage from city limits, moves it to industrial district

Bootstrap Energy is bringing bitcoin mining to Corpus Christi. The cryptocurrency project is expected to span 114 acres along McKinzie Road at Texas 44 in the city's northwest.

Infrastructure improvements of around $130.5 million will include about 150 containers to house $1 billion worth of computers owned by cryptocurrency-mining clients. The facility should be in operation by the end of the year, officials said at a Corpus Christi City Council meeting April 12.

The council made way for the new industry at the meeting by de-annexing 75.6 acres of land in the city limits and moving it into Industrial District 2. Bootstrap Energy owns an additional 33.5 acres in the industrial district, which will be part of Phase 1 of the building project. The newly de-annexed land will be part of Phase 2, according to Bootstrap.

District 1 Councilor Billy Lerma voted no on the de-annexation after his motion to delay the vote for a week was not approved. The plant will be in Lerma’s district. Several city residents also voiced opposition to the de-annexation and the bitcoin-mining plant during the public comment period.

Opposition centered around the enormous amount of electricity used to generate bitcoin, climate problems with emissions, e-waste, and the potential threat to investors. Bootstrap Energy will build two 300-megawatt substations to generate the energy needed.

The benefits to the city include a huge land tax revenue. Currently, the land generates $250 a year in taxes. Once the project is up and running, the income is expected to be close to $4.5 million a year with a significant increase in dollars to the Tuloso-Midway Independent School District.

WHAT IS BITCOIN?

According to Bitcoin.com, "Bitcoin is a form of digital money that (1) exists independently of any government, state, or financial institution, (2) can be transferred globally without the need for a centralized intermediary, and (3) has a known monetary policy that arguably cannot be altered." Read more of the site's explanation here.

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