Abbott courts billionaires, Bitcoin miners to Texas

Texas Gov. Greg Abbott has promoted the state as an option for wealthy residents and cryptocurrency firms leaving New York, highlighting no state income tax, fewer regulatory constraints and low-cost electricity.

Abbott has focused outreach on high-net-worth individuals and companies in the Bitcoin-mining sector. Officials point to Texas’s large power grid, competitive wholesale prices and permitting rules that industry leaders say make it easier to site energy-intensive operations.

Publicly traded miners including Riot Platforms and Marathon Digital have announced new or expanded facilities in Texas over the past several years. Company statements and filings list energy access and the state business environment as reasons for their choices. Industry executives have shifted capital and equipment into Texas facilities and announced hiring tied to those projects.

New York has regulatory measures for digital-asset businesses, including the BitLicense framework. Some crypto firms have cited the state’s regulatory structure as a factor in decisions to avoid or limit operations in New York.

Hedge fund founder Ken Griffin relocated his firm from New York to Miami and has criticized progressive policies in New York. That move, while not directly linked to cryptocurrency, reflects a pattern of some wealthy individuals and firms relocating to states with lower taxes.

The migration of mining operations and related capital into Texas has coincided with announcements of new data centers, power agreements and equipment deployments in the state. State and local officials have recorded applications and permits tied to those projects.

Debate over regulation continues. Supporters of stricter oversight cite consumer protection and financial stability. Opponents contend that heavier rules can lead firms to operate in other states. Policymakers in multiple states are weighing tax, energy and regulatory factors as companies decide where to locate mining, trading and custody operations.