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Washington State County doubles on cryptocurrency after the mine bust

After the boom, the backlash and the (partial) bust of Bitcoin in central Washington, one might expect an aversion to technology. But instead, an authority wants to capitalize on the resources left behind to promote new growth in blockchain.

A sad story to tell

The history of Central Washington is not rare in the world of cryptocurrencies. A cool climate and a shed full of cheap hydropower attracted speculators from far away like China. The new cryptocurrency gold rush promised a rebirth for this sleepy rural part of the United States.

But when the prices of cryptocurrencies diminished, the fortunes of the area also increased. Companies that have leveraged ambitious expansion plans have found themselves bankrupt. At the same time, the public backlash has prompted some authorities to take measures such as increasing electricity costs for miners.

But Douglas County has taken an alternative approach.

Speculate to accumulate

The authorities see tremendous potential in all the high-speed computing power and the blockchain experience advanced by the boom. Folding itself as a center of blockchain excellence, Douglas County hopes to benefit as technology revolutionizes other industries.

Hydroelectric dam

Lisa Parks, Executive Director of Port of Douglas County, explains:

There is much more in the history of cryptocurrency than the boom and bankruptcy. We have some unique resources that make our region attractive … We try to capitalize on it.

But the proposed "Blockchain Innovation Campus" is only part of the picture. To attract new developments in the blockchain industry, Douglas County continues to encourage its existing cryptocurrency miners.

Bucking The Trend

Unlike the neighboring counties of Chelan and Grant, which essentially excluded miners from the market with increases in energy costs, the increase in the rate of Douglas was much more modest.

The result of this was the continued investment from new mining operations. In November, Bitmain opened a $ 20 million mine in the region, near the city of East Wenatchee. And the county is trying to revive the mining operations at GigaWatt, which had become an unfortunate poster-boy for the Bitcoin bust of the area.

While some may expect a somewhat shy attitude and once bitten, having previously been burned, local authorities have a different perspective. While the next blockchain iteration continues to develop, such a perspective should see them well positioned for the next phase.

After all, there is trustworthy wisdom in not throwing the baby out with the dirty water.

Does Douglas Country's economy benefit from the support of the blockchain industry? Share your thoughts below!

Images courtesy of Shutterstock

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