Douglas county has surfed the waves of both boom and bust just like the rest of world invested in cryptocurrencies. Flocks of miners were attracted towards this location owing to the availability and affordability of electricity in the location — Douglas county had its own dam. At its peak, requests of hundreds of megawatts was received by the county officials.
But then the inevitable happened. The cryptocurrency crash. The costs for mining crossed the cost of mined currencies. Slowly, everything started to fall apart. Pioneer crypto-mining host Giga Watt filed for bankruptcy. Unlike other counties, Douglas County kept its pro-crypto stance intact and now has taken another step into that direction.
With this project, the county aims to enable researchers to develop new uses for the energy-intensive technology that once showed the county of the place it could have in the value-hierarchy of society.
Lisa Parks, executive director of the Port of Douglas County, expresses her hope for this revolutionary technology’s help in the betterment of Douglas County.
“There is more to the [cryptocurrency] story than the boom and the bust. […] We have some unique assets that make our region appealing to that industry. Let’s figure out a way to capitalize on it.”
She is referring to, ofcourse, electricity and Douglas County’s past in this technology. The insane number of computer calculations necessary to mine cryptocurrencies consume massive amounts of electricity and Douglas County can cater the needs of miners quite well.
In the past, Bitmain, a china-based cryptocurrency company, opened a $20 million mine in Douglas County. The mine featured around 8,000 individual computers housed in multiple warehouses which used 12 megawatts of electricity. That’s enough electricity for a small town.
Douglas County is now in talks with investors for this Innovation Campus, an effort to put Douglas County back on track to greatness.