Small Texas Town Seeks Billion-Dollar Bitcoin Miner to Fix Roads and Deter Dogs

In the rural village of Oak Valley, nestled in Navarro County, Texas, there exists a quiet community with limited resources and a small population of about 400 residents. Despite its modest size, Oak Valley is on the brink of incorporating an industrial-scale bitcoin mining operation that could potentially boost its annual budget significantly.

Just four miles away from Oak Valley, Riot Platforms, a public crypto mining company, is in the process of constructing what is projected to be the largest bitcoin mining facility globally on a 265-acre plot of land. Once operational, this facility is expected to consume a substantial amount of energy, equivalent to powering hundreds of thousands of homes.

Currently situated on unincorporated land under the Navarro County government’s jurisdiction, Riot Platforms is in talks to have the property annexed by Oak Valley. This annexation plan, if finalized, would facilitate essential upgrades to the village’s infrastructure, funded by the energy company servicing the area without any cost to Riot Platforms.

The potential annexation serves as a strategic move for Riot Platforms to enhance its relationship with the local community and officials, crucial for securing a significant property tax discount. Riot Platforms has refrained from commenting directly on the annexation prospect but has emphasized the mutual benefits it could bring to all parties involved.

Oak Valley’s financial reliance heavily rests on franchise fees collected from the electricity provider, accounting for a substantial portion of its annual budget. The village’s commissioner, David Brewer, highlights the financial constraints faced by the county, emphasizing the significance of potential revenue from the Riot Platforms facility.

The annexation proposal has sparked mixed reactions among local residents, with concerns raised regarding noise pollution, environmental impact, and the strain on the Texas power grid. Riot Platforms, however, dismisses these apprehensions as unsubstantiated, aiming to garner support from the majority of residents in the region.

In a bid to sway public opinion and secure the much-needed tax abatement, Riot Platforms has engaged in community outreach efforts, including financial contributions to local initiatives and hosting informational sessions. The annexation agreement with Oak Valley proposes directing a portion of franchise fees towards addressing community issues, such as animal control, to foster goodwill and support from county commissioners.

Despite the ongoing debate and opposition from certain groups, the final decision on the tax abatement and annexation remains pending. The outcome hinges on community sentiment and the willingness of local officials to collaborate with Riot Platforms. As the situation unfolds, the fate of the annexation and its implications for Oak Valley and Navarro County residents will become clearer in the coming months.