Bitcoin Miners Aid in Texas Power Emergency

As Texas recently grappled with unprecedented heatwaves, the Biden administration declared a power emergency in the state. Coming to the rescue, the Texas Blockchain Council has reported significant reductions in Bitcoin mining operations to help ease power conditions. According to the council, Bitcoin mining was reduced by 90% or more every day the power conditions became stringent.

Lee Bratcher, president of the Texas Blockchain Council, commented on the situation. “We have consistently been seeing 90% plus curtailment of Bitcoin mining each day this week that power conditions tightened,” Bratcher said. This proactive stance showcases the willingness and ability of the Bitcoin mining community to adapt and respond to pressing environmental concerns.

In a display of collaborative efforts, Riot Platform, a prominent Bitcoin miner, announced receiving a staggering $31.7 million in energy credits in August from the state’s power grid operator. This was roughly $22 million more than the value of the Bitcoin they mined that month.

These credits, issued by The Electric Reliability Council of Texas (ERCOT), are part of an initiative to incentivize companies to lessen activities that may burden Texas’s already overloaded energy system.

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