Texas Bitcoin Miners Forced To Shut Down Due to Heatwave
According to Bloomberg, large-scale Bitcoin mining firms have shut down their machines in preparation for a heatwave in Central Texas. Such occurrences routinely raise electricity prices and, at times, severely strain the state’s power grid, as demand for air conditioning climbs in tandem with the temperature.
According to Texas Blockchain Association President Lee Bratcher, “almost 1,000 megawatts worth of Bitcoin mining load” have been turned down to comply with calls from the Electric Reliability Council of Texas (ERCOT) to conserve electricity for the grid.
According to Bratcher, the load represented nearly all industrial-scale Bitcoin mining in Texas; he also claimed that the move would allow “over 1% of [the] entire grid capacity” to be diverted for retail and commercial use.
On Sunday, ERCOT requested that Texans and large electric users reduce their electricity consumption from 19:00 to 01:00 UTC on Monday. It predicted overall power demand would exceed 79,000 megawatts, breaking the previous high of 78,206 megawatts set last Friday. Temperatures in Austin had hit 107 degrees Fahrenheit at the time of writing.
Following China’s prohibition on crypto mining in 2021, the United States became the world’s leading mining hub. Texas, in particular, is becoming increasingly appealing to major mining operations due to its low energy prices and pro-crypto regulatory position. Last November, Argo Blockchain announced plans to invest up to $2 billion in the construction of a mining plant in Texas.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Subsidiaries Grayscale, Foundry, and Luno contribute to DCG first quarter revenue growth, despite challenges such…
The Binance financial penalty comes amidst a series of legal challenges for Binance, including a…
Bitcoin (BTC) has outperformed major tech stocks in the past decade, and this growth translates…
Allegations of DWF Labs market manipulation surface at Binance after the dismissal of an internal…
Bitcoin mining difficulty dropped by 5.63% to 83.15 T, marking the largest decrease since December…
George Town, Cayman Islands, May 8th, 2024, ChainwireAIGOLD is pleased to announce the launch of…
This website uses cookies.