A Texas town is slowly reviving its economy and creating more jobs, all thanks to the Bitcoin mining process that has given it a new lease of life. Ward Roddam, the mayor of Rockdale, Texas wrote an opinion letter on Monday expressing how Bitcoin mining recovered the town economy after the closure of the Alcoa aluminum plant in 2008.
Roddam explained in an October 7 dated opinion letter in ‘Austin American Statesman’ newspaper that the town went through an economic crisis in 2008, when the Alcoa aluminum plant had shut down. The Alcoa plant, which opened in 1952, was the largest employer in the town. The plant backed the town by giving employment to the local people and generating tax revenue. However, later on, the plant closed due to rising energy costs and new regulations. Due to this closer to a town of 5,500 got under tension, as hundreds of jobs got vanished and many families were compelled to leave the town.
Moreover, the town authorities also got paralyzed as they lost millions in tax revenues and were unable to fund schools, parks, and public works. It is like a rock bottom for the town.
Mayor Ward Roddam’s initial thoughts of an ending turned into an unexpected beginning. The same energy infrastructure, including substations and transmission lines left by the plan closer is used by Bitcoin miners. Initially, the mayor was skeptical of the crypto mining industry, but now he stands as one of its strongest advocates. After working with the crypto miners, Roddam released how they transformed their economy and stood tall with the community.
The miners created hundreds of employment opportunities and generated mid-skill jobs, which have prevented locals from leaving town. Also, Bitcoin miners gave a solid foundation to the town by investing over $1 billion in Rockdale.
These mining companies become the largest taxpayers, support local school districts, and donate to local causes, and scholarships. They also supported police, fire departments, youth sports, and the Chamber of Commerce.
He also tells the main reason behind sharing Rockdale’s story,- ” I hear a different narrative at the state legislature. Some policymakers — though well-intentioned — misunderstand Bitcoin’s positive impact. Some have suggested that Bitcoin miners create very few jobs, but my experience as mayor contradicts that.”
The Rockdale model has proved so successful that it’s spawning similar developments nearby. Riot Platforms planned to expand its mining operations in Corsicana by building a state-of-the-art facility, which could turn out to be building a state-of-the-art facility.
This move could generate $1.4 billion in taxable purchases and over $115 million in wages over the next 10 years. Now Texas is becoming a new crypto mining hub by employing over 22,000 people across the state.
Mayor Roddam’s conclusion comparing Bitcoin mining to “digital oil wells” captures the potential for rural Texas communities.