CORPUS CHRISTI, Texas — Corpus Christi City Council signed off on a bitcoin mining operation that is set to be built at McKenzie and Highway 44.
According to City councilman Roland Barrera, the operation will bring in millions of dollars in tax revenue each year.
"We only collect $218 a year because all of that land is farmland," Barrera said. "They are going to put in $130 million worth of investment and bringing $1 billion worth of computers. So, that in the first year is going to generate about three and a half million dollars worth of ad valorem to the City of Corpus Christi."
Councilman Mike Pusley agreed that the operation was a great deal for the City.
"I think it's something new and different," Pusley said. "It's an opportunity for us to make some money for the City without very little tax money going into it."
Barrera told 3News that AEP signed off on the idea which was important because bitcoin mining takes a lot of electricity to run.
"The infrastructure that they are going to put in is through two 300 mega watt substations," Barrera said. "And obviously that's going to consume a lot of electricity. But, however, what it does, we've done some research with ERCOT and there's going to be some surplus."
Barrera also said the company was anxious to move forward with the project because it's losing money everyday that it's facility isn't built and running.
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