A cryptocurrency mining plant approved by the Corpus Christi City Council in 2022 is now at the center of a heated dispute over whether the city is getting what was promised.
The council originally approved a $1 billion cryptocurrency mining plant in 2022. The agreement included commitments for jobs and millions of dollars going to the Tuloso-Midway School District and Nueces County. But when the Industrial District Agreement — known as an IDA — was rewritten in 2024, those promises became less clear as the ownership, originally Bootstrap Energy, and purpose of the project changed.
Corpus Christi City Council clashes over cryptocurrency mining plant agreement
Councilmember Sylvia Campos of District 2 raised concerns about what the updated agreement actually delivers for the city.
“IDA’s, I see them as Trojan horses. They appear to be something great for the city, but then at the end of the day we’re the ones who are left hanging and not having the fruits of our labor or whatever was promised,” Campos said.
City Manager Peter Zanoni acknowledged the need for a closer look at the deal.
“It became apparent we need to do some kind of performance audit on this agreement,” Zanoni said.
Tensions escalated when city staff told the council they had no information or presentation ready on the project — despite it appearing on the agenda.
Campos said she raised the issue with the city manager two weeks ago and used a 3-signature memo, co-signed by Councilmembers Kaylynn Paxson and Eric Cantu, to get it placed on the agenda.
Campos was forced to use her allotted speaking time to break down the project because staff had nothing prepared.
“Do I get another 5 minutes because I’m the only one doing this presentation?” Campos said after running out of time.
Zanoni said his staff needs more time to gather the facts, but other council members argued there should have been at least some information ready. Paxson, who represents District 4, said the issue is too important to go unaddressed.
“This item is 100% defending our taxpayer. It’s worth at least two or three slides and some attention to it,” Paxson said.
The lack of preparation stood in contrast to a recent 3-signature memo for Inner Harbor grant funding, which was accompanied by a full presentation and a message from Congressman Michael Cloud.
“We had our intergovernmental relations director present a lot of information about that grant,” Paxson said.
Councilmember Campos gave her questions to Zanoni, who says his staff will evaluate the agreement and come back with more answers.
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