News

Reviews, Fees, and Security Compared

Published

7 months ago

30 June, 2024

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

What are Crypto Exchanges?

A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets. Many of these exchanges offer investment options for active traders looking to buy, sell, or hold digital assets like bitcoin, ether, and litecoin.

There are two types of crypto exchanges: centralized and decentralized. The most common type, centralized exchanges, are platforms owned and operated by private companies. Decentralized exchanges are peer-to-peer marketplaces that operate on the blockchain.

Best Crypto Exchanges for 2024

Coinbase: Best cryptocurrency selection
Crypto.com: Best for mobile trading
Abra: Best for low fees
Kraken: Best for futures and margin traders
Cash App Investing: Best for bitcoin

If you don’t want to use your exchange’s built-in wallet (if applicable), you’ll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.

Compare the Top Cryptocurrency Exchanges

The best cryptocurrency exchanges work similarly to the best stock trading apps, offering competitive fees and resources on digital marketplaces like mobile or desktop. Crypto-enthusiasts can easily buy, sell, and store popular digital currencies like bitcoin or Ethereum alongside traditional investable securities.

Here are the best cryptocurrency exchanges for low fees, human advisor access, and more as picked by Business Insider editors in 2024.

Best Cryptocurrency Selection

Coinbase

Insider’s Rating

A five pointed star

4.35/5

Fees

0.50% spread for buy/sell transactions; transaction fee from $0.99 to $2.99; up to 0.60% for Coinbase Pro and Coinbase Advanced Trade

Pros

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoin
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Educational investment resources, mobile access, digital storage, and customer support
Check mark icon
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Low account minimums
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Can earn rewards for certain cryptocurrencies
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Coinbase card lets you spend crypto or USD anywhere and earn crypto rewards; can deposit your paycheck into your account and convert from USD to crypto with no fees

Cons

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Pay more for lower balances
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High trading and transaction fees
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Limited staking options

Product Details

Promotion: Get $5 of bitcoin when you join Coinbase; earn up to $200 when you set up a new account and make your first purchase
Features: Coinbase Earn rewards, Coinbase Pro advanced account, user-controlled storage, stablecoins, staking, and institutional trading tools.
App store rating: 4.7 iOS/ 4.1 Android; Coinbase Pro: 4.7 iOS/ 4.1 Android
Awards: Named Best Prime Broker in Hedgeweek’s annual European Digital Assets Awards

As one of the largest U.S.-based cryptocurrency exchanges, Coinbase is a user-friendly digital marketplace offering hundreds more coins and tokens. Coinbase caters to all kinds of traders, including sophisticated investors, institutions, and high-net-worth clients through its Pro, Advanced Trade, and Prime platforms.

Coinbase has a low account minimum to get started and offers wallet storage for digital assets. Coinbase’s beta NFT trading platform currently offers no transaction fees for creators and collectors.

What to look out for: Coinbase is currently under investigation by the SEC. Also, if you regularly use margin accounts to trade, Coinbase isn’t the best choice. It charges high fees.

Coinbase review

Best Cryptocurrency Exchange for Mobile Trading

Crypto.com

Insider’s Rating

A five pointed star

4.35/5

Fees

Maker fees 0.0750% – 0% and taker fees are 0.0750% – 0.0500%; 0% credit/debit card purchases for first 30 days of opening account

Pros

Check mark icon
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350+ cryptocurrencies; support for more than 20 fiat currencies
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Separate NFT platform
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Earn up to 5% cash back on purchases with Crypto.com Visa Card
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You can set up price alerts and price movement alerts to stay updated on more than 250 assets

Cons

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Crypto.com Exchange isn’t available to U.S. residents; U.S. investors limited to the mobile app
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Crypto.com isn’t available to residents of New York
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High credit and debit card transaction fees

Product Details

Promotion: Get up to $2,000 for every friend you refer and 50% of their trading fees.

Crypto.com is a popular global crypto trading platform with a user-friendly mobile trading app featuring various reward opportunities and DeFi wallet storage. Although Crypto.com offers a web-based exchange in addition to its mobile trading platform, U.S. investors cannot access the online exchange.

Crypto.com supports more than 350 cryptocurrencies, including bitcoin, ethereum, dogecoin, and others. It also accepts 20+ fiat currencies. The Crypto.com mobile app provides Visa Card perks, reward-earning opportunities, crypto-tracking features, and price alerts.

What to look out for: U.S. investors won’t have access to Crypto.com’s more advanced trading features, such as margin trading, OTC trading, staking, and trading bots.

Crypto.com review

Best Cryptocurrency Exchange for Low Fees

Abra

Insider’s Rating

A five pointed star

3.62/5

Account Minimum

$5 minimum deposit; Minimums vary per cryptocurrency

Fees

0% (Spread fee built into exchange rates)

Pros

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

No fees to trade 75+ cryptocurrencies (excluding spread fee)
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Can borrow against crypto holdings, with payback interest rates of 0% to 9.95%
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Can earn up to 10% interest on crypto or USD stablecoins
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Support in 150+ countries with access for 50+ fiat currencies

Cons

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No longer available to new US investors
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High fees for Visa or Mastercard transactions
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Limited transparency on the exact exchange spread rates

Product Details

Features: 100+ cryptocurrencies, crypto-backed loans, staking, and support for traders in 150+ countries.
App store rating: 4.6 Apple/4.3 Android

Abra is a global crypto exchange serving individual and institutional traders in over 150 countries. Along with the fact that Abra doesn’t charge any trading fees (though it earns income from the spread between different assets), the exchange stands out due to its expansive selection of crypto products and features.

This includes trading for 70+ cryptocurrencies, interest accounts that let you access over-the-counter (OTC) trading, and multiple educational guides for beginners. Its OTC services also give institutional clients access to interest-earning accounts, loans, and one-on-one account support.

What to look out for: Visa and Mastercard transactions have high fees.

Abra review

Best Cryptocurrency Exchange for Futures and Margin Traders

Best for futures and margin traders

Kraken

Insider’s Rating

A five pointed star

4.35/5

Account Minimum

Depends on cryptocurrency

Fees

0% – 0.26% (1.5% for instant buy, sell, or convert orders)

Pros

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Can exchange more than 100 crypto assets
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Low account minimums and fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Variety of educational resources and tutorials on cryptocurrencies
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Over-the-counter (OTC) trading and account management support available

Cons

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Two crossed lines that form an ‘X’.

No 24/7 phone customer support
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Kraken’s futures mobile platform isn’t currently available in the US
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Two crossed lines that form an ‘X’.

Not a personal wallet service

Product Details

Features: More than 100 cryptocurrencies, margin and futures trading, OTC trading, account management for HNW individuals and institutional clients, multiple trading platforms, educational resources, and staking rewards.
App store rating: 4.7 iOS/ 4.2 Android

Kraken offers more than 200 cryptocurrencies and a handful of fair currencies with various options for retail and institutional investors. It is available in more than 190 countries worldwide.

Kraken provides investors with access to trading on margin and futures trading opportunities. With a margin account, you can borrow up to five times your account balance to trade crypto assets. Futures trading is available for bitcoin, ether, litecoin, bitcoin cash, and ripple.

What to look out for: Kraken’s futures mobile platform isn’t currently available to US traders. In addition, only institutional and high-net-worth clients can use the exchange’s consultation and account management services.

Kraken review

Best Cryptocurrency Exchange for Bitcoin

Cash App Investing

Insider’s Rating

A five pointed star

3.99/5

Icon of check mark inside a promo stamp
It indicates a confirmed selection.

Perks

Offers commission-free trading of stock and ETFs

Account Minimum

$0 ($1 for access to fractional shares)

Pros

Check mark icon
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Banking and investing on one platform
Check mark icon
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Commission-free trading of stock and ETFs
Check mark icon
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Gift stocks to friends and family

Cons

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Two crossed lines that form an ‘X’.

Doesn’t offer IRAs, custodial accounts, or margin trading
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Two crossed lines that form an ‘X’.

Limited resources and tools
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Doesn’t offer cryptocurrencies other than bitcoin
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Doesn’t trade mutual funds, options, or futures

Insider’s Take

Cash App Investing is a beginner-friendly platform for banking and investing on the go. If you’re looking for simplified, low-cost trading, Cash App may be worth looking into. However, other low-cost investing apps for beginners offer more investment options, more account options, and better resources.

Cash App Investing is a user-friendly trading platform offering commission-free trades of more than 1,800 stocks and ETFs. When you link or Cash App balance in the mobile app, novice crypto investors easily buy, sell, send, and receive bitcoin. You can even designate a specific portion of your paycheck to be converted into bitcoin when you set up direct deposits.

Send bitcoin to your friends fee-free with Cash App’s Lightning Network features. Cash App also provides an in-app custodial wallet to store your bitcoin assets. You can start trading with as little as $1.

What to look out for: Cash App Investing only offers bitcoin. Consider other top cryptocurrency platforms if you want to invest in other cryptocurrencies like ether or dogecoin.

Cash App Investing review

How to Choose the Best Crypto Exchange

The best crypto exchanges offer competitive pricing for various cryptocurrencies beyond bitcoin and ether and prioritize user experiences with an intuitive interface, clear platform navigation, and mobile app access. Trustworthy crypto trading platforms are licensed and compliant with industry regulations.

You should choose a cryptocurrency exchange that aligns with your preferences, like your risk tolerance, time horizon, preferred trading features, and investment goals. Additionally, ensure the exchange you pick matches your preferred trading style. For example, if you’re a hands-off trader, you should pick a platform equipped with automated trading features and tools.

FAQs About Crypto Exchanges

In general, cryptocurrency exchanges are not as secure or as closely regulated as other investment platforms. The crypto world has been subject to numerous frauds, scams, and bankruptcies. Most crypto platforms have an F rating from the BBB. But that doesn’t guarantee whether the platform will be good for you. Some exchanges, like Coinbase, have built strong trustworthiness reputations by compiling with regulatory practices and enforcing security protocols.

You must have a crypto wallet to buy and sell cryptocurrencies through an exchange. Most platforms have built-in wallet storage. If you don’t want to use your exchange’s built-in wallet (if applicable), you’ll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.

For tax purposes, cryptocurrencies are considered property by the IRS, similar to stocks and bonds. Typically, you’ll be taxed when you sell or trade crypto for more than you originally bought it. The tax rate varies depending on how long it was held before you sold it. Short-term capital gains of less than a year are taxed at your regular income tax rate. Long-term gains are generally taxed at a lower rate but can change based on your income level.

Why You Should Trust Us: Our Expert Panel For The Best Cryptocurrency Exchanges

Rebecca Zissar/Business insider

We interviewed the following investing experts to see what they had to say about cryptocurrency exchanges.

What are the advantages/disadvantages of investing through a cryptocurrency exchange?

Sandra Cho:

“The advantages to investing through a cryptocurrency exchange are the ease of trading and functionality. These exchanges are built for cryptocurrency are are made as such.

“The disadvantages, however, are important. Recently, several cryptocurrency exchanges have gone under, and investors have lost significant amounts of money. Given that this industry and asset class is still relatively new, there are unique risks that are nor present in traditional investments like stock and bonds. Investing through a cryptocurrency leaves you at the will of the exchange itself, which has a non-zero possibility of going defunct.”

Tessa Campbell:

“Investing through a cryptocurrency exchange offers several advantages, including access to real-time market data and research, trading strategies, and multiple cryptocurrency options to add to individual brokerage accounts, retirement accounts, and more.

“Some disadvantages include high trading fees, limited resources, and frequent fraudulent activity. These platforms are often criticized for their inadequate security measures, risky trading, and subpar customer support.”

Who should consider investing through a crypto exchange?

Sandra Cho:

“Investors with an extremely high-risk tolerance and those that understand the inherent risks in investing through cryptocurrency exchanges may want to consider using an exchange. However, they should be wary of the risks and the lack of oversight that is apparent in the industry.”

Tessa Campbell:

“You may want to consider investing through a crypto exchange if you’re primarily focused on trading crypto and other decentralized currencies. Moreover, you’ll want to have a high investing risk tolerance and a hands-on trading approach.”

Is there any advice you’d offer someone who’s considering investing in cryptocurrencies through a crypto investment app?

Sandra Cho:

“I would tell them to first potentially reconsider dealing with cryptocurrencies at all. The asset class is extremely volatile and unregulated. If they insisted, I would then tell them to do their research on the relevant exchanges and choose the one that is safest and best backed. As mentioned, many crypto exchanges have gone under recently, which is a huge risk to the investor.”

Tessa Campbell:

“Make sure you fully understand the risks involved in purchasing highly volatile cryptocurrencies like bitcoin, ether, or dogecoin. You should also ensure that the cryptocurrency exchange you’re investing through is free of scams, bad business practices, or public scandals. One way to check this is with the Better Business Bureau’s grading system.”

Our Methodology: How We Rated the Best Cryptocurrency Exchanges

We applied Business Insider’s rating methodology for investing platforms to over a dozen exchanges to find the best options for cryptocurrency availability, low fees, asset/account security, user interfaces, and mobile access. Investment platforms are given a rating between 0 and 5.

We also explored whether exchanges offered services both for individuals and institutions, and we paid close attention to other account options like staking rewards, margin trading, and Stablecoin support.

Tessa Campbell

Investing and Retirement Reporter

Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.ExperienceTessa currently reports on all things investing — deep-diving into complex financial topics, shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.Expertise: Tessa’s expertise includes:

Credit cards
Investing apps
Retirement savings
Cryptocurrency
The stock market
Retail investing

Education: Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisement, and it worked.

News

US Cryptocurrency Rules Delayed by ‘Never-Ending’ Lawsuits

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Ripple Pledges $25 Million Per Year to Crypto Super PAC

Ripple CEO says cryptocurrency industry still seeking regulatory clarity from US

Speaking to Bloomberg News on Wednesday (July 17), Author: Brad Garlinghouse he said America is behind behind other countries which have already adopted cryptocurrency regulations.

“What we’re seeing, where it’s the UK, Japan, Singapore… even the European Union, more than two dozen countries have come together to provide a framework for cryptocurrency regulation,” Garlinghouse said.

“It’s frustrating that we as a country can’t get that regulatory framework in place. And instead, we have this never-ending lawsuit coming from the SEC that doesn’t really address the problem.”

Ripple has been the target of some of these legal disputes. Securities and Exchange Commission (SEC) sued the company in 2020, accusing it of conducting a $1.3 billion operation offering of unregistered securities tied to its XRP token.

However, last year a judge ruled that only Ripple’s institutional sales of XRP, not retail sales, violated the law, a decision widely seen as a victory for the cryptocurrency industry.

As PYMNTS noted at the time, that ruling has “far-reaching repercussions impact across the digital asset ecosystem, which has long maintained that its tokens do not represent securities contracts.”

However, Garlinghouse told Bloomberg on Wednesday that the company cannot wage multimillion-dollar legal battles over each token.

He spoke to the news agency from the Republican National Convention in Milwaukee, where the party is backing the candidacies of former President Donald Trump and Ohio Sen. J.D. Vance, both of whom are considered pro-cryptocurrency.

But Garlinghouse argued that cryptocurrencies “should not be a partisan issue,” and noted that he had recently attended a conference in Washington that included Democrats, including White House officials.

“I think they were there, listening to the industry… it was refreshing to start having that conversation,” she said.

President Joe Biden earlier this year he vetoed a measure which would have ended the SEC’s special rules for crypto-asset custodians. This legislation was supported by both the digital asset industry and the banking industry.

Ripple early this year donated $25 million to the cryptocurrency industry’s super PAC Fair Smoothiewith Garlinghouse stating at the time that such donations would continue every year, as long as the industry had its detractors.

Second Open SecretsWhich monitor spending For campaigns, the PAC has spent $13.4 million this year, much of it to help defeat Rep. Katie Porter’s (D-Calif.) U.S. Senate campaign.

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News

The Future of Cybersecurity in the Cryptocurrency Industry

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

The Future of Cybersecurity in the Cryptocurrency Industry

The cryptocurrency space has had a tumultuous journey, with its fair share of ups and downs. As we look to the future, one area that remains a constant focus is cybersecurity. The digital nature of cryptocurrencies makes them inherently vulnerable to cyber threats, and as the industry evolves, so does the landscape of potential risks.

In 2022, the cryptocurrency market faced significant challenges, with over $2 trillion in market value lost. This event served as a wake-up call for the industry, highlighting the need for robust cybersecurity measures. The future of cryptocurrency security is expected to see a shift towards more regulated and established institutions taking the reins of crypto technology and blockchain infrastructure.

The decentralized nature of cryptocurrencies offers numerous benefits, such as transparency and financial inclusion. However, it also introduces unique security challenges. The risk landscape is filled with threats such as hacking, phishing, ransomware attacks, malware, and social engineering. These threats not only lead to financial losses, but also damage the reputation and trust within the cryptocurrency ecosystem.

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The decentralized nature of cryptocurrencies offers many benefits, but it also presents unique security challenges. Cyber risks such as hacking, phishing, and ransomware pose threats to the integrity of digital assets. The infrastructure that supports cryptocurrencies is not immune to vulnerabilities, including smart contract flaws and exchange hacks.

To address these vulnerabilities, the infrastructure that supports cryptocurrencies must be strengthened. Smart contract vulnerabilities, exchange hacks, wallet breaches, and flaws in the underlying blockchain technology are significant concerns that must be addressed to ensure the security and integrity of digital assets.

As cybercriminal tactics and techniques become more sophisticated, the cryptocurrency industry must stay ahead of the curve. The future will likely see more targeted attacks, exploiting weaknesses in infrastructure, networks, and human factors. This requires a proactive and multifaceted approach to cybersecurity.

To mitigate these risks, several measures must be adopted:

Strengthening security measures: Developers, exchanges, and wallet providers must improve security protocols, use strong encryption, implement multi-factor authentication, and conduct regular security audits.

Education and awareness: Users should be educated on best practices for protecting their digital assets, including using strong passwords, recognizing phishing attempts, and using hardware wallets for secure storage.

Looking ahead, the cryptocurrency industry is expected to see an increased focus on robust security measures. Blockchain projects and exchanges are likely to invest in advanced encryption techniques and decentralized storage solutions to protect user assets. The future impact of cyber risk on cryptocurrencies will depend on the collective efforts of stakeholders to address vulnerabilities and strengthen security measures.

Collective efforts by stakeholders in the cryptocurrency space are crucial to address vulnerabilities and strengthen security measures. While challenges persist, advances in cybersecurity technologies and practices offer hope for a more secure and resilient cryptocurrency ecosystem.

The future of cybersecurity in the cryptocurrency industry depends on finding a balance between innovation and regulation. It requires a collaborative effort from all parties involved, from developers to end users, to create a secure environment that fosters trust and growth in the industry. As we move forward, it is critical that lessons learned from past events guide the development of stronger security measures, ensuring the longevity and stability of cryptocurrencies as a vital part of the modern economic toolkit.

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Bullish XRP and RLBK price predictions rise, outpacing the broader cryptocurrency market, prompting Shiba Inu holders to switch!

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bullish XRP and RLBK price predictions rise, outpacing the broader cryptocurrency market, prompting Shiba Inu holders to switch!

Bitcoin’s one-week surge from $60,000 has pushed other cryptocurrencies into an uptrend. However, for many altcoins, this trend has been temporary. Altcoins such as XRP and Shiba Inu (SHIB) have experienced price drops. However, Rollblock, a new altcoin on the Ethereum blockchain, has thrived during this period, attracting thousands of investors looking for long-term growth.

XRP’s Nearly 30% Growth Over Last Week Drops as Selling Pressure Increases

XRP is seeing further price decline as Ripple investors withdraw their profits from the token. The surge in XRP’s price to $0.64 in the past week has provided investors with a perfect opportunity to increase their returns in the short term. With the ongoing sell-off in XRP, XRP has jumped over 8% in the past day and is now trading at $0.59. However, analysts tracking XRP indicators predict that XRP could still extend its gains by over 30% in the coming weeks.

Shiba Inu (SHIB) marks its third consecutive day of losses

Shiba Inu (SHIB) is in a period of adjustment after a week of strong gains. In the last 24 hours, SHIB has seen a jump of over 7%, reflecting a natural market fluctuation. Analysts are observing a death cross on the Shiba Inu chart, which historically signals the potential for future opportunities as the market stabilizes. As investors explore new possibilities, some are diversifying into promising altcoins like Rollblock (RBLK) to strategically rebalance their portfolios and capitalize on the emerging trend.

Rollblock (RBLK) Up Another 7% as New Investors Join Pre-Sale

Rollblock (RBLK) has taken the cryptocurrency market by storm, having attracted investors from more popular altcoins like Shiba Inu (SHIB) and XRP. Rollblock’s growth is attributed to its utility in the $450 billion global gaming industry.

Rollblock aims to use blockchain technology to bridge the gap between centralized and decentralized gambling. With blockchain technology, Rollblock secures every transaction in its online casino, providing transparency and convenience to millions of players who are uncomfortable placing bets on other iGaming platforms.

This innovative use of blockchain technology in the industry has grown Rollblock to over 4,000 new users in less than two months. With plans to add sports betting, this number is expected to grow exponentially in Q3.

Rollblock uses a revenue sharing model that splits up to 30% of its casino’s weekly profits with token holders. This happens after Rollblock buys back $RBLK from the open market and uses half of it for rewards. The other half is burned to increase the price of $RBLK.

Rollblock price has seen four increases in the past month with $RBLK tokens now selling for $0.017. Analysts predict that at the current growth rate, Rollblock could increase by over 800% before the presale ends. For investors looking for a long-term token with growth potential, phase four is the best time to buy Rollblock before its price skyrockets!

Discover the exciting Rollblock (RBLK) pre-sale opportunities now!

Website:https://Rollblockpresale.io/

Social: https://linktr.ee/Rollblockcasino

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News

Texas Crypto Miners Turn to AI as Crypto Declines

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Texas Crypto Miners Turn to AI as Crypto Declines

As cryptocurrency mining becomes less profitable, Texas cryptocurrency mining companies are switching to supporting artificial intelligence companies.

Bitcoin miners, with their sprawling data centers and access to significant energy resources, are ideally suited for computationally intensive AI operations, and as cryptocurrency mining becomes less profitable, companies see this shift as a logical answer to their problems.

On Thursday, Houston-based Lancium and Denver-based Crusoe Energy Systems announced a multibillion-dollar deal to build a 200-megawatt data center near the West Texas city of Abilene to support advanced artificial intelligence applications such as medical research and aircraft design, CNBC reported. The plant represents the first phase of a larger 1.2 gigawatt project.

Lancium and Crusoe’s move into AI mirrors a broader trend among bitcoin miners. The combined market capitalization of the top U.S.-listed bitcoin miners hit a record $22.8 billion in June. Companies like Bit Digital and Hut 8 are diversifying into AI, with Bit Digital securing a $92 million annual revenue deal to supply Nvidia GPUs and Hut 8 raising $150 million to expand its AI data center.

But the growing popularity of these operations also presents challenges, particularly for the Texas power grid. Last month, the Electric Reliability Council of Texas announced that the state is expected to nearly double its energy production by 2030 to meet the high energy demands of data centers and cryptocurrency operations.

Lieutenant Governor Dan Patrick expressed concern about the projections.

“Cryptocurrency miners and data centers will account for more than 50% of the additional growth. We need to take a close look at these two sectors,” He wrote on Twitter/X. “They produce very few jobs compared to the incredible demands they place on our network. Cryptocurrency miners could actually make more money selling electricity to the network than they do from their cryptocurrency mining operations.”

Analysts predict significant growth in data center power capacity, which is expected to account for up to 9% of U.S. electricity consumption by 2030.

The operations also pose challenges for nearby cities. Earlier this month, TIME reported that a crypto-mining facility was seriously compromising the health of residents in the city of Granbury. TIME reported more than 40 people with serious health problems, including cardiovascular disease, high blood pressure and hearing loss. At least 10 of the residents needed to go to the emergency room or an urgent care facility.

The disturbances were caused by the extreme noise generated by the crypto-mining facility’s fans, which are used to keep the machines cool. While the proposed data center in Abilene would use liquid cooling systems, it’s still unclear whether the facility’s operations would pose a health risk to local residents.

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