• Home
  • Bitcoin News
  • Blockchain News
  • CBDC News
  • NFT News
  • New to Crypto?
  • About
  • Contact
Facebook Twitter Instagram
Todayq News
  • News
  • Bitcoin
  • Metaverse
  • NFT
  • Blockchain
  • New to Crypto
  • Contact
Twitter Facebook Instagram LinkedIn
Todayq News
News

Bitcoin miners helped restore up to 1,500 megawatts of power in Texas

By Om Labde7 January 2023, 12:26 AM
World's largest manufacturer of Bitcoin mining hardware signs agreement with ENEGIX

Texas experienced a winter storm in December 2022, and Bitcoin miners helped restore up to 1,500 megawatts of power to the struggling local infrastructure. It was made possible by the state authorities’ supplementary services and the adaptability of mining operations.

A “bomb cyclone” unleashed extremely low temperatures in the days before Christmas, snatching away electricity from millions of Americans and taking hundreds of lives.

President of the Texas Blockchain Council Lee Bratcher said miners contributed up to 1,500 megawatts to the Texas grid in his reply to the Satoshi Action Fund. According to estimations by the Bitcoin advocacy group, this quantity of energy would be sufficient to heat “nearly 1.5 million tiny houses or maintain 300 large hospitals completely running.”

The worldwide hash rate for mining Bitcoin fell, although there is no information regarding the specific period during which miners collected such a large amount of power.

Although the particular time period in which miners accumulated this much power is unknown, but on December 24 and 25, Bitcoin’s hash rate decreased by 30% globally. The state’s ancillary services, which encourage consumers to cut back on consumption during periods of high demand to stabilize the grid, have miners as its ideal clients.

To ensure that additional big loads, such as Bitcoin miners, can be added to the ERCOT grid, the Electric Reliability Council of Texas (ERCOT) devised an interim procedure back in March 2022. In addition, software vendors have also started collaborating with them to ensure miners have the equipment necessary to enable grid balancing properly. As a result, Texas, along with New York (19.9%), Kentucky (18.7%), and Georgia (17.3%), are among the top states in the United States for Bitcoin mining, each accounting for 14% of the total hash rate.

In October 2022, Massachusetts Senator Elizabeth Warren and a group of six other US Senators targeted miners in Texas. All of them, Democrats, asked for information on the energy consumption and possible environmental impacts of Texas-based Bitcoin mining operations. In a letter to Pablo Vegas, CEO of the Electric Reliability Council of Texas (ERCOT), the senators stated their worries that mining operations would put additional strain on the state’s power grid and referred to Texas as a “deregulated safe harbour” for cryptocurrency mining firms.

The senators specifically requested information on Texas’s cryptocurrency miners’ electricity consumption and carbon dioxide emissions over the preceding five years.

Bitcoin Mining Texas USA
Share. Facebook Twitter LinkedIn Telegram WhatsApp Reddit

Comments are closed.

Must Read

The entertainment industry is welcoming Web3 with open arms

Survey: Crypto is currently the second-most owned asset by women after cash

Data: 59% of BTC holders are enjoying profits, and only 38% are running in loss

Report: Boomers are the most cautious Crypto investors

Instagram
The price of Bitcoin, after going through what the industry calls one of the worst bear markets, has been surging. Data reveals that the increasing prices have helped both short-term and long-term investors to profit.
A recent report released by eToro called the “Retail Investor Beat” indicated that although traditional asset classes struggle to encourage greater adoption among women, cryptocurrencies appear to be more successful. The eToro team surveyed almost 10,000 global retail investors across 13 nations.
The crypto industry is continuously expanding, and the events that occurred in the past year gave investors major shocks. However, they also highlighted the need for having a clearer and deeper understanding of the crypto space to navigate safely and securely.
“Full-time” developers, defined as those who contribute to 76% of Github commits, climbed by 15.2% to over 7000. In comparison, “one-time” builders decreased by 6.2% to over 3,500 over the same period between December 2021 and December 2022, according to a Jan. 16 report from Electric Capital.
Crypto by TradingView
Twitter Facebook Instagram LinkedIn
  • About
  • Careers
  • Advertise
  • Privacy
All rights reserved by Todayq Technologies PVT. LTD.

Type above and press Enter to search. Press Esc to cancel.