Denton Considers New Bitcoin Mine to Generate Revenue Amid Strained Grid

Denton Municipal Electric is negotiating with a cryptocurrency company to open a Bitcoin mine near the Denton Enterprise Airport that would draw 20MW of electricity from a local substation.

The deal could generate $2.5 million for the utility and $4.8 million for the City of Denton over 5 years. The additional revenue is needed after recent wholesale price spikes.

The proposed mine would be much smaller than the large Bitcoin mine in Hood County that has drawn noise complaints from residents living miles away.

Skeptics wonder if Texas' strained grid could have avoided calling for conservation last summer without the massive electricity demand from crypto mining.

Denton already hosts one Bitcoin mine attached to a municipal power plant that generated over $2 million in revenue for the city-owned utility in 2023.