Reviewed by: Lacey Muenstermann
Local expert talks cryptocurrencies + more Huntsville business news
Reading time: 5 minutes
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Over the last decade we have heard more and more about the prominence of cryptocurrencies as an investment, form of payment and business asset — among other uses — but many people still aren’t fully informed about this new financial technology.
We spoke with a local expert to educate us on the present and future of cryptocurrencies in this month’s business roundup.
What’s the latest on cryptocurrencies?
Today, cryptocurrencies are best known as digital “money” — with the most well-known being Bitcoin. What makes it unique is that cryptocurrencies operate on blockchain technology, which is decentralized. This means no single entity controls the currency, providing users with a level of financial sovereignty.
They also offer an alternative for the unbanked or underbanked populations, providing access to financial services without traditional banking infrastructure — especially with the integration of mobile payment applications such as CashApp and others.
We spoke with Dr. Steven Puckett of the University of North Alabama’s Sanders College of Business & Technology about the uses and the future of cryptocurrencies, and what they mean for business and the future of the economy.
“Cryptocurrencies are very easy to transport and hide since they are just bits and bytes of data. A simple USB thumb drive can hold an almost unlimited amount of cryptocurrency value as compared to trying to store large amounts of gold or silver.
Over the past few years, due to the uncertainty and lack of trust in traditional monetary systems, including the US dollar and the stock market, Bitcoin has become a major investment opportunity. El Salvador even adopted Bitcoin as legal tender!”
Dr. Steven Puckett, Assistant Professor of Computer Science , UNA Sanders College of Business & Technology
The future of cryptocurrency
Puckett said the future of cryptocurrency is subject to numerous influencing factors, including current trends, technological advancements and socio-economic factors.
In fact, central banks, financial institutions and several governments are looking at integrating blockchain and cryptocurrency technologies with their services.
Puckett added that the new presidential administration has embraced cryptocurrency, paving the way for its continued prevalence in the future.
“The new Trump administration is even looking at utilizing blockchain within the government to be able to track every transaction that the Federal government makes. This would greatly reduce the fraud, money laundering and other financial crimes within the government.”
Dr. Steven Puckett, Assistant Professor of Computer Science , UNA Sanders College of Business & Technology
Local impact of cryptocurrency
Did you know that Florence is home to one of the larger Bitcoin mining and transaction mining data-centers? As well, other Alabama cities such as Foley and Mobile are seeing a growth in Bitcoin mining operations — while other communities are blocking blockchain miners altogether.
The increasing prevalence of cryptocurrency in Alabama’s economy presents several positive impacts. It offers an opportunity for economic diversification by attracting blockchain and cryptocurrency businesses, which could lead to job creation in the tech industry.
So why is Alabama a good source for Bitcoin mining?
“Low power costs are one of the primary reasons. Utility companies often partner with Bitcoin mining facilities to play an important role in balancing the grid. Mining operations can participate in demand response programs where they adjust their energy consumption in response to grid conditions.”
Dr. Steven Puckett, Assistant Professor of Computer Science,UNA Sanders College of Business & Technology
Concerns about crypto
Bitcoin’s energy consumption is a pressing issue, Puckett said. Annual estimates range from 91 to 150 terawatt-hours, primarily due to its complex Proof of Work mining process. A facility with 50,000 miners, each consuming 2,500 watts, would use 125,000 kW or 125 MW (megawatts) of power.
If Alabama becomes a hub for crypto mining, the high energy consumption could strain local power grids or increase energy costs, unless sustainable practices are adopted.
There’s also the potential for widening economic disparities due to the speculative nature of cryptocurrencies, where gains might be concentrated among early or well-informed investors, leaving others at risk of financial loss.
Another concern is that the growth of cryptocurrencies might challenge traditional banking sectors, potentially affecting employment in finance unless banks adapt to include or offer crypto services.
Bank47 expands to Huntsville with a new brand
Bank47, formerly LifeSteps Bank and Trust, announced that the bank will establish its headquarters in Huntsville, located at 415 Church St NW, Huntsville, AL 35801.
The new name reflects the bank’s “commitment to stability, completeness and building meaningful financial relationships.”
At the forefront of this expansion is Hill Womble, CEO, alongside a leadership team that includes John Johnson (President), Dana Potts (EVP, CFO & COO), Jeff Wilson (Banking Executive), Randy Tidwell (SVP, Operations and Finance) and James Brown (Senior Risk Advisor).
“Huntsville’s energy, innovation, and economic strength make it the perfect home for Bank47. We are building more than a bank—we are creating a financial institution that prioritizes relationships and helps our clients grow, thrive, and navigate life’s most important financial moments.”
Hill Womble, CEO, Bank47
Huntsville’s unemployment rate holds steady
The unemployment rates for Alabama in December of 2024 was at 3.3%, a slight increase from November’s rate of 3.1% and noticeably higher than the state’s unemployment rates in December of 2023 (2.8%).
In Huntsville, unemployment stood at 2.7%, compared to 2.8% in November.
Here’s where the unemployment rates in North Alabama counties finished out the year:
| Madison County | Dec. 2024: 2.7% | Nov. 2024: 2.8% | Dec. 2023: 2.2% |
| Morgan County | Dec. 2024: 2.6% | Nov. 2024: 2.7% | Dec. 2023: 2.1% |
| Limestone County | Dec. 2024: 2.8% | Nov. 2024: 2.9% | Dec. 2023: 2.2% |
| Marshall County | Dec. 2024: 2.6% | Nov. 2024: 2.8% | Dec. 2023: 2.1% |
| Lauderdale County | Dec. 2024: 3.3% | Nov. 2024: 3.3% | Dec. 2023: 2.6% |
Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.
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