There are many regions of the world that are interested in attracting startup blockchain to revitalize their local economies. For example, the city of Cleveland is trying to rebrand as "Blockland" to attract blockchain entrepreneurs, and its state, Ohio, now allows companies to pay certain taxes in cryptocurrency.
It seems that another state is clarifying that it wants to promote blockchain innovation, and that the state is Washington. The state already has a history of dealing with mining crypto companies, which could provide some unique advantages over other states. In particular, Washington he wants to build a "campus blockchain innovation".
Washington has also attracted many crypto mining companies and individuals for a very particular reason. The state boasts low-cost hydropower electricity, which allows miners to extract Bitcoin and other cryptocurrencies without having to spend much more money than they would have in other states.
Despite the fact that many crypto-miners have lost confidence in the industry thanks to the bearish markets of 2018, there are many who still believe in the sector. A notable supporter is Lisa Parks, who is also the executive director of the Port of Douglas County. Parks states: "There is more in the history of cryptocurrency than of boom and failure". The county is putting their money where even their mouth offers $ 50,000 to help build the campus.
While the future may be promising in Washington, there have been companies that have closed in the area. The most famous, Giga Watt, described by the media as a "Bitcoin pioneer (BTC)" in reality presented for bankruptcy in November 2018, due to the same county – Douglas County – over $ 300,000.
However, others see opportunities. The world's largest bitcoin mining company, Bitmain, opened a $ 20 million plant in Douglas County in the same month that Gigawatt filed for bankruptcy. The amount of energy associated with the facility could potentially feed thousands of homes.