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Indiana's Investment in Data Centers and Cryptocurrency Mining

Jun 11, 2024

Indiana is actively working to draw in data centers and cryptocurrency mining operations by offering uninterrupted, cost-effective energy solutions. State legislators have guaranteed substantial amounts of power and water to support the operations of mega-corporations. Notable companies such as Meta, Amazon, Google, and Microsoft, in addition to the cryptocurrency mining firm AboutBit, are showing interest in investing in Indiana. Financial incentives are provided to organizations, although cryptocurrency miners like AboutBit are currently not eligible for the state programs. AboutBit has repurposed a 50-year-old power station into a sustainable liquid-cooled mining facility situated near the Merom Generating Station.

Amazon has recently disclosed an $11 billion investment in Indiana. Governor Eric Holcomb has highlighted the state's capability to provide both power and water to facilitate such investments. Commerce Secretary David Rosenberg has affirmed that Indiana possesses abundant resources to meet the requirements. In 2024, U.S. Bitcoin miners spent $2.7 billion on electricity, consuming 20,822 GWh of power. Prior to Bitcoin's April halving event, the electricity needed to mine one BTC stood at 407,059 kWh, costing roughly $52,144. Following the halving, this figure increased to 862,635 kWh, amounting to about $110,503. The energy consumed could charge every electric vehicle in the U.S. 87 times or power 1,983,107 households for a year.

Bitcoin mining within the U.S. has witnessed a rise in sustainable energy utilization, peaking at 54.5% in January 2024. Sustainable mining saw a cumulative increase of 3.6% throughout 2023. Indiana's strategic approach highlights its dedication to becoming a central point for the data center and crypto mining sectors, utilizing its energy assets to attract significant investments.

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