Congressional Legislators Concerned About Crypto Mining Energy Use In Texas
A group of Democratic members from the House and Senate has written to Texas’ electrical regulator, demanding additional information about crypto mining activities.
Following extensive discussion of data they claim illustrates the risks of crypto mining, lawmakers included a series of questions for the Electric Reliability Council of Texas (ERCOT), including what the annual electricity consumption and carbon expenditures are for Texan crypto mining, future plans of firms to scale in Texas, how the state plans to scale the grid in kind, and what kind of estimates or modeling ERCOT uses to estimate the impact of crypto mining.
The MPs referenced a number of studies and investigations that they claim demonstrate mining is growing output while producing significant quantities of carbon emissions and other negative air quality consequences.
They’re also upset about ERCOT’s payments to miners for shutting down during high-use hours.
Texas has been a mining hotspot in recent years, and politicians are concerned that the ERCOT is contributing to the boom. Indeed, the legislators’ letter to ERCOT quotes ERCOT interim CEO Brad Jones as claiming that Texas wants to be the world’s largest mining center.
Those in support of cryptocurrency mining argue that Texas’ deregulated energy system incentivizes miners to stop down during peak demand since the price reaches a point where mining is no longer economical.
Energy use was too expensive at the time to be compensated by mined Bitcoin. However, politicians argue that the state has created a win-win situation for miners by providing incentives to miners that shut down during peak consumption hours.
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
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Congressional Legislators Concerned About Crypto Mining Energy Use In Texas
A group of Democratic members from the House and Senate has written to Texas’ electrical regulator, demanding additional information about crypto mining activities.
Following extensive discussion of data they claim illustrates the risks of crypto mining, lawmakers included a series of questions for the Electric Reliability Council of Texas (ERCOT), including what the annual electricity consumption and carbon expenditures are for Texan crypto mining, future plans of firms to scale in Texas, how the state plans to scale the grid in kind, and what kind of estimates or modeling ERCOT uses to estimate the impact of crypto mining.
The MPs referenced a number of studies and investigations that they claim demonstrate mining is growing output while producing significant quantities of carbon emissions and other negative air quality consequences.
They’re also upset about ERCOT’s payments to miners for shutting down during high-use hours.
Texas has been a mining hotspot in recent years, and politicians are concerned that the ERCOT is contributing to the boom. Indeed, the legislators’ letter to ERCOT quotes ERCOT interim CEO Brad Jones as claiming that Texas wants to be the world’s largest mining center.
Those in support of cryptocurrency mining argue that Texas’ deregulated energy system incentivizes miners to stop down during peak demand since the price reaches a point where mining is no longer economical.
Energy use was too expensive at the time to be compensated by mined Bitcoin. However, politicians argue that the state has created a win-win situation for miners by providing incentives to miners that shut down during peak consumption hours.
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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