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After the boom, the repercussions and (partial) dismantling of Bitcoin in central Washington, one could expect an aversion to technology. But instead, an authority wants to capitalize on the resources left behind, to promote new growth of the blockchain.
A sad story to tell
The history of central Washington is not uncommon in the world of cryptocurrency. A cool climate and a cheap hydroelectric power station have attracted speculators from as far away as China. The new gold rush of cryptocurrency has promised a rebirth for this sleepy rural part of the United States.
But when cryptocurrency prices fell, the region's fortunes also fell. Companies over-indebted due to ambitious expansion projects went bankrupt. At the same time, public reactions have led some authorities to take measures such as increasing electricity costs for minors.
But Douglas County has opted for an alternative.
Speculate to accumulate
The authorities see a huge potential in all the high-speed computing power and know-how of the blockchain left behind by the boom. By repositioning itself as a blockchain center of excellence, Douglas County hopes to capitalize on it as technology revolutionizes other industries.
Lisa Parks, Executive Director of Port of Douglas County explains:
The history of cryptocurrency is not just a boom and a recession. We have unique badets that make our region attractive … Let's take advantage of it.
But the proposed "Blockchain Innovation Campus" is just part of the picture. In order 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 for rising energy costs, Douglas' rate increase was much more modest.
The result of this has been the continued investment of new mining operations. In November, Bitmain opened a $ 20 million mine in the area near the town of East Wenatchee. And the county is trying to revive the mining activities of GigaWatt, which has become one of the unfortunate posters of Bitcoin bust in the region.
While some might expect a shy attitude once bitten twice, after being burned down, local authorities have a different view. As the next blockchain iteration continues to develop, such a perspective should see them well positioned for the next phase.
After all, it makes sense not to throw the baby out with the bathwater.
Will Douglas Country's economy benefit from the support of the blockchain industry? Share your thoughts below!
Images courtesy of Shutterstock
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