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Top 20 Cryptocurrency Wallets in 2024

Published

10 months ago

13 June, 2024

SatoshiTimes Staff

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In this review, we are going to briefly cover the best crypto wallets in 2024, basics of crypto wallet security and usage

Top 20 crypto wallets in 2024: Highlights

As cryptocurrency capitalization targets new highs in 2024, the right moment has come to revisit the basics of the crypto wallets segment. Just like in the early days of crypto, blockchain wallets remain essential elements of Web3 infrastructure.

Cryptocurrency wallet is a software/hardware mechanism designed to store, receive and transfer digital assets (cryptocurrencies);
Technically, crypto wallets are set to store the keypairs for this or that on-chain accounts (public keys and private keys);
Best crypto wallets are secure, have proven usage track and support various cryptocurrencies;
Software wallets are mainstream solutions while hardware wallets are best instruments for large sums;
Centralized wallets (on exchanges) are more convenient and newbie-friendly while decentralized (on-chain) wallets remain only a self-custody solution that does not rely on intermediaries;
Coinbase Wallet, Binance and Bybit remain the best exchange-affiliated wallets, while MetaMask, Electrum and TrustWallet are the best decentralized wallets;
Ledger and Trezor are dominant hardware wallets in 2024;

In the following guide, U.Today navigates through the opportunities of modern crypto wallets and challenges to address while choosing the best crypto wallet in 2024.

Top 20 crypto wallets in 2024: List

As such, we can now review the best wallets for cryptocurrency in 2024. In this brief overview, we are going to focus on both centralized and decentralized wallets for Bitcoins (BTC) and altcoins.

Сoinbase Wallet
MetaMask
Binance Web3 Wallet
Ledger
Trezor
Material
Bybit Web3 Wallet
Exodus
Gemini
Electrum
Ellipal
Safepal
TrustWallet
D’CENT
Guarda
Argent
Braavos
ZenGo
Tangem
AtomicWallet

What is a crypto wallet?

A crypto wallet is a software or hardware service designed to store digital assets (cryptocurrencies or tokens). It is a combination of public and private keys: the first one is exposed to the general public to identify the wallet, while the second one is used as a password to authorize operations with assets.

Unlike traditional wallets, crypto wallets do not store money or information. They rather serve as mechanisms for management of keys to on-chain accounts.

A crypto wallet is a necessary element of blockchain infrastructure: Basically, it is the only way to store crypto and complete transactions.

How to choose the best crypto wallet?

Choosing a good crypto wallet is an essential step for the Web3 journey of newcomers and pros. Here are only a few things to consider while looking for the top crypto wallet in 2024:

Reputation. Prior to choosing a cryptocurrency wallet, a new customer should check whether it was hacked previously, what the latest updates are, which team is responsible for the wallet’s development and so on;
Security. Potential users should only download the official version of crypto wallet from the main website or mobile app from the approved vendor in Google Play or App Store.
Features range. Potential customers should know the features they would like to access while working with a cryptocurrency wallet. It is better to have them all within a single application.

As such, it is better to have multiple wallets instead of storing money via a single one. Also, potential users should read special reviews before choosing a cryptocurrency wallet.

What is difference between hot and cold crypto wallets?

Hot and cold crypto wallets represent two main classes of cryptocurrency storage tools. Hot crypto wallets are connected to the internet, making them convenient for frequent transactions but more vulnerable to hacks. The majority of web and mobile wallets are hot wallets.

Cold crypto wallets, on the other hand, are offline, offering greater security against cyber threats. They are used for long-term storage of cryptocurrencies. Examples include hardware wallets and paper wallets. The key difference lies in their accessibility and security, with hot wallets being more accessible and cold wallets more secure.

How to protect your crypto wallet

In order to protect cryptocurrency wallets from being attacked and drained, every holder of digital assets should follow a list of simple security practices.

Be sure you always choose strong and unique passwords. While storing crypto, customers should use a strong, unique password for hot or cold crypto wallet and any associated accounts. A combination of upper and lower case letters, numbers and special characters is the best solution.
Enable Two-Factor Authentication (2FA), but avoid using SMS or voice calls. Choosing an authentication app might be a smart bet to protect your 2FA codes from ending in the wrong hands.
Consider keeping a set of private keys offline. Private keys (seed phrases) should be stored in a secure, offline environment, such as a hardware wallet or a paper wallet. Avoid keeping them in cloud storage or on internet-connected devices, as these can be vulnerable to hacking.

First of all, avoid sharing detailed information about your cryptocurrency portfolio and wallets with other people.

Top 20 crypto wallets in 2024: Review

Coinbase Wallet

Website: https://www.coinbase.com/wallet

Coinbase Wallet is one of the most trending self-custody wallets for various blockchains. It supports Bitcoin (BTC) and main alternative blockchains: Solana (SOL), Dogecoin (DOGE), Ethereum (ETH) and so on. Coinbase Wallet is the brainchild of Coinbase, the largest U.S. cryptocurrency ecosystem.

Image by Coinbase

Coinbase Wallet is available in the form of a web interface, desktop application for Windows and Linux, mobile application for smartphones on iOS and Android, Google Chrome browser plug-in. Coinbase Wallet supports operations with both fungible token and NFTs as well as multiple wallets within a single interface.

Coinbase Wallet supports built-in exchange modules, as well as extra verification options based on biometric authentication. It can also be integrated into Ledger, a mainstream hardware wallet for Bitcoin (BTC) and altcoins. Coinbase Wallet is among the most secure wallets: It is equipped with proactive transaction scanning tooling to prevent spam and phishing attacks.

MetaMask

Website: https://metamask.io/

MetaMask is a crucial decentralized (self-custody) wallet for Ethereum Virtual Machine’s ecosystem of blockchains: Ethereum (ETH), Polygon (MATIC), Optimism (OP), Arbitrum (ARB) and so on. MetaMask does not require KYC and, therefore, is one of the most accessible wallets in Web3. It is available in the form of a Google Chrome browser extension. MetaMask is developed and maintained by ConsenSys, the developer of Ethereum.

Image by MetaMask

MetaMask is a perfect gateway to DeFi: Thanks to its easy-to-understand interface, it can be used as an authorization tool on many cryptocurrency services. MetaMask acts as a decentralized ID for a variety of crypto-centric applications and platforms.

While primarily used for crypto storage and transfers, MetaMask has a built-in cryptocurrency exchange instrument, MetaMask Swap. Its ecosystem also includes MetaMask Snaps, a library of add-ons necessary for using the wallet on non-EVM blockchains like Bitcoin (BTC) and Solana (SOL) or for eccentric use cases.

Binance Web3 wallet

Website: https://www.binance.com/en/web3wallet

Binance Web3 Wallet is a unique keyless, seedless, multi-chain, semi-custody wallet. This eccentric design was chosen to make the Web3 wallet experience friendlier for newcomers. Binance Web3 wallet is a part of the ecosystem of Binance, the largest global crypto exchange by trading volume.

Image by Binance

Binance Web3 Wallet leverages advanced multi-party computation (MPC) technology that equips every account with three separately stored “key shares.” This removes the need for working with seed phrases to accomplish unmatched security of operations.

The wallet is seamlessly interoperable with major DEXes, CEXes (including Binance itself), cross-blockchain bridges and is suitable for operations with major cryptocurrencies across top blockchains and NFTs. It offers a built-in token swap module and some opportunities for generating passive income on idle Bitcoin (BTC) and altcoins. Its proactive security mechanisms are designed to protect users’ portfolios from being overloaded with “dust” tokens and attacked by scammers.

Material

Website: https://materialbitcoin.com/

Material Wallet is an ecosystem of hardware wallets designed as “not-only-for-geeks” alternatives for wallets of previous generations. It is 100% secure from cyber attacks as it is a collection of metal plates designed to save the information about public and private keys from Bitcoin (BTC), Ethereum (ETH) and U.S. Dollar Tether (USDT) accounts.

Image by Material

To start depositing crypto tokens on Material Bitcoin, users are required to simply scan a QR code on a physical device and transfer funds to the scanned wallet address. The automated manufacturing process ensures that this particular private key has never been stored or seen by anyone. A key engine generates the private key, which is then engraved onto the wallet’s steel plate using a robotic process. After engraving, the private key is removed from the system’s memory.

The wallet comes with a lifetime warranty and will be replaced free of charge if the private key’s legibility worsens.

Best crypto wallets in 2024: Highlights

Let’s summarize information about the best crypto wallets to use in 2024 for beginners and professionals.

As such, both hardware and software cryptocurrency wallets are available for secure crypto storage in 2024. Exact choice depends on portfolio size, trading strategy and personal needs of this or that potential user.

Top Bitcoin (BTC) and crypto wallets in 2024

Now we can proceed toward other options for cryptocurrency storage and transfer in 2024 as well as for trading and in-wallet swaps.

Ledger

Website: https://www.ledger.com/

Ledger is an ecosystem of premium hardware cryptocurrency wallets and Ledger Live application for wallets management. As of Q2, 2024, Ledger offers two models of hardware wallets: Ledger Nano S Plus, Ledger Nano X, while ground-breaking Ledger Stax is expected to be released soon. Ledger Nano S Plus is marketed as a perfect fit for newcomers in crypto, while Ledger Nano X is a more advanced model.

Trezor

Website: https://trezor.io/

Trezor is another high-performance hardware wallet for cryptocurrency assets. Not unlike its main rival Ledger, it offers high-end cryptographic devices for secure storage and transfer of cryptocurrency assets. Trezor released three models of hardware wallets for Bitcoin (BTC) and 9,000+ altcoins across multiple blockchains: Trezor Model One, Trezor Safe 3 and Trezor Model T.

Bybit Web3 Wallet

Website: https://www.bybit.com/en/web3/

Bybit Web3 Wallet is an ecosystem of solutions for DeFi, NFT and GameFi usage presented by Bybit, a top-tier centralized cryptocurrency exchange. Besides the crypto wallet, the ecosystem features an IDO launchpad, an airdrops module and other Web3 tools. The wallet is available in the form of a Google Chrome add-on for browser and software apps for desktop and mobile devices.

Exodus

Website: https://www.exodus.com/

Exodus is one of the most popular cryptocurrency wallets, and is commonly referred to as the “Best Bitcoin wallet for beginners.” It supports operations with tokens on 50+ blockchains, NFTs, in-app swaps and native integrations with hardware wallets. Exodus is accessible as a desktop app and a Chrome plugin.

Gemini

Website: https://www.gemini.com/wallet

Gemini Wallet offers both cold and hot cryptocurrency storage services for various categories of clients. The wallet is backed by Gemini, a top-tier crypto exchange in the U.S. All funds injected into Gemini Wallets are insured by a U.S. firm. For Bitcoin (BTC) transfers, Gemini pioneered the support of SegWit addresses.

Electrum

Website: https://electrum.org/

Electrum is one of the most battle-tested Bitcoin (BTC) and Lighting Network wallets. It does not support altcoins, but remains popular thanks to its approach to privacy and security. All Electrum transactions are signed by an independent third-party server provided by TrustedCoin to avoid any possibility of attacks. The wallet works as a desktop and mobile app.

Ellipal

Website: https://www.ellipal.com/

Ellipal is a decentralized air-gapped cold wallet isolated from the internet. Not unlike Ledger or Trezor, it is an ecosystem of two cold wallets and a metal device designed to protect keypairs for Bitcoin (BTC) and other cryptocurrencies. It supports CC EAL 5+ security standards for all services.

Safepal

Website: https://www.safepal.com/

Safepal is a hardware cryptocurrency wallet ecosystem. It includes S1, S1 Pro, X1 and Cypher key storage devices and applications for interaction with desktop and mobile gadgets. Also, it can be downloaded as an iOS and Android app or a Google Chrome in-browser add-on. Safepal supports its own bank card for crypto-to-fiat conversion.

TrustWallet

Website: https://trustwallet.com/

TrustWallet is a premium Web3 cryptocurrency wallet for self-custodial storage of funds in various cryptocurrencies. It supports operations with both Bitcoin (BTC) and 100+ mainstream altcoins. It supports operations with different types of NFTs as well as proactive security measures for suspicious transfers.

D’CENT

Website: https://dcentwallet.com/

D’CENT is an ecosystem of a hardware wallet, a card wallet and a cryptocurrency application for mobile devices. It enables biometric authentication of operations for all its products. D’CENT supports over 3,600 assets across 50+ EVM and non-EVM blockchains. Free shipping for all devices is available for regions of the U.S., EU and U.K.

Guarda

Website: https://guarda.com/

Guarda Wallet is a multi-currency crypto wallet that supports over 50 blockchains and 400+ crypto tokens in total. It is also designed to facilitate cross-asset swap operations, seamless buy/sell operations with crypto and fiat. To generate passive income, Guarda Wallet offers an “Earn” module, while the “Loans” tool offers crypto lending services.

Argent

Website: https://www.argent.xyz/

Argent is a premium non-custodial wallet for Starknet, an EVM-equivalent blockchain powered by zero-knowledge technology and written in the Cairo language. Argent is available in the form of an iOS/Android application as well as plugins for Google Chrome and Mozilla Firefox browsers. Being downloaded by 2+ million users, Argent ensures smooth operations for all types of Web3 services on Starknet.

Braavos

Website: https://braavos.app/

Initially launched as a Starknet-centric wallet, Braavos is now one of the most technically advanced crypto storage instruments for Ethereum (ETH) and the entire EVM ecosystem. Besides iOS- and Android-based apps, Braavos is available as a plugin for Google Chrome, Mozilla Firefox, Brave and Microsoft Edge. Braavos offers “Account Abstraction” as one of the killing features of its platform.

ZenGo

Website: https://zengo.com/

ZenGo is one of the first wallets that merges self-custody with the opportunity to work without a seed phrase: It is achieved via multi-party computations (MPC) tooling. It supports all mainstream blockchains, while withdrawals are also available to fiat-based digital payments services like Revolut or Cash App.

Tangem

Website: https://tangem.com/

Tangem is the first-ever hardware cryptocurrency wallet powered by EAL6+ security standard chip. It has a smart backup mechanism and biometric authentication tooling for the ultimate level of security. It can be set up and connected to a respective application in less than three minutes: Both Bitcoin (BTC) and altcoin transfers and swaps are available.

AtomicWallet

Website: https://atomicwallet.io/

AtomicWallet promotes itself as an interface for accessing crypto funds or crypto wallet for buying, staking and swapping cryptocurrency assets. Besides Bitcoin (BTC), it works with a total of 1,000+ altcoins across various networks. It supports a cashback program for card owners who are swapping crypto via in-app modules.

Wrapping up

In 2024, cryptocurrency wallets or crypto wallets remain inevitable elements of the Web3 segment. They are used to keep private keys in order to authorize crypto transfers. Both software or hardware non-custodial wallets can be used for secure operations with Bitcoin (BTC) and altcoins.

Coinbase Wallet, MetaMask, Binance Web3 Wallet, Ledger, Trezor and Material wallets are among the top crypto wallets in 2024.

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US Cryptocurrency Rules Delayed by ‘Never-Ending’ Lawsuits

Published

9 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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The Future of Cybersecurity in the Cryptocurrency Industry

Published

9 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

9 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/

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Texas Crypto Miners Turn to AI as Crypto Declines

Published

9 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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