Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink

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Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink
Almost all large Bitcoin miners have shut down as demand peaks
Over 1,000 megawatts load is released from mining operations

ByDavid Pan
July 11, 2022, 11:02 AM EDTUpdated onJuly 11, 2022, 4:28 PM EDT
From Crypto via Bloomberg

Nearly all industrial scale Bitcoin miners in Texas have shut off their machines as the companies brace for a heat wave that is expected to push the state’s power grid near its breaking point.

Miners such as Riot Blockchain Inc., Argo Blockchain Plc and Core Scientific Inc., who operate millions of energy-intensive computers to secure the Bitcoin blockchain network and earn rewards in the token, flocked to the Lone Star State thanks to its low energy costs and liberal regulations on crypto mining. The state has become one of the largest crypto-mining hubs by computing power in the world.

“There are over 1,000 megawatts worth of Bitcoin mining load that responded to ERCOTs conservation request by turning off their machines to conserve energy for the grid.” Lee Bratcher, president of Texas Blockchain Association told Bloomberg in an email response. “This represents nearly all industrial scale Bitcoin mining load in Texas and allows for over 1% of total grid capacity to be pushed back onto the grid for retail and commercial use.”

Miners may see a drop in profitability as the heat wave keeps their machines off by sending energy prices soaring and further stressing the state’s power grid. The miners are already struggling to repay debt and raise additional capital with Bitcoin prices in sharp decline. Shares of public miners have tumbled about 75% this year.…

More here if you have the stomach

https://www.bloomberg.com/news/articles/2022-07-11/bitcoin-miners-shut-off-rigs-as-texas-power-grid-nears-brink


In my mind, nothing screams dystopian hell more than the combination of bitcoin miners, the Texas power grid, and relentless heat.