By 2023, ERCOT predicts that cryptocurrency mining in Texas would need five times as much electricity.




The Electric Reliability Council of Texas (ERCOT), the state’s grid operator, forecasts a fivefold increase in energy loads as Bitcoin mining becomes more popular in Texas. According to ERCOT, at least 5,000MW of additional electricity will be required over the following two years, by 2023, to enable crypto mining and data centers. 

According to ERCOT officials, the cryptocurrency industry is already consuming up to 1,000MW of Texas’ electricity.

Texas has become a key hub for Bitcoin mining as a result of China’s crackdown on all crypto-related operations earlier this year. China’s strong retribution was motivated by the crypto mining industry’s excessive usage of power.

According to a Data Center Dynamics article, the state offers a 10-year tax exemption, sales tax credits, and state-sponsored worker training to entice additional crypto miners.

According to rumours, two of the world’s largest cryptocurrency mines are currently under construction in Texas.

Numerous citizens have linked the state’s regular power disruptions to the energy-intensive practise of Bitcoin mining.

In February 2021, the Texas Electricity Board was penalised for poor supply management, which resulted in outages and frigid days. Many people perished during this time period due to a lack of heat and food. Industry was also forced to stop operations.

ERCOT attributed the incident at the time to an increase in the frequency and severity of extreme weather, a problem that is predicted to worsen as a result of human-caused climate change.

Residents in Texas are concerned that the already overburdened infrastructure of the state’s energy grid will be taxed even further.

Bitcoin mining devices are always on, which means they consume electricity

Between January 1, 2016 and June 30, 2018, the mining of four main cryptocurrencies released up to 13 million metric tonnes of CO2.

However, in recent years, a number of pro-crypto countries have taken steps to decarbonize the process by powering cryptocurrency mining with renewable energy.

For example, El Salvador’s Bitcoin mining operation is fueled by geothermal volcanic energy.

A Bitcoin mining operation in Florida has been suggested to be located near Miami’s nuclear power plant. Nuclear energy is on the verge of being recognized as a viable ESG energy source, according to a report by Latest News Today.




Recent Articles

InvestAnswers Host Calls Solana ($SOL) the Top Ethereum Competitor

InvestAnswers Host Calls Solana ($SOL) the Top Ethereum Competitor

0
According to InvestAnswers, popular crypto analytics and market analysis show, that Solana ($SOL) is still the top competitor for Ethereum ($ETH). The show's host stated...
Lyn Alden Calls Bitcoin ‘Fastest Horse’ in Crypto Race

Lyn Alden Calls Bitcoin ‘Fastest Horse’ in Crypto Race

0
Bitcoin will continue to be the leading currency in the digital asset market, according to Lyn Alden, a well-known equity research analyst, and investment...
Cardano ($ADA) Founder Tells Newcomers to Crypto Market

Cardano ($ADA) Founder Tells Newcomers to Crypto Market

0
Charles Hoskinson, Co-Founder, and CEO of IO Global (aka "IOG," formerly known as "IOHK"), the company in charge of Cardano's research and development, is...
Cryptocurrencies

Firepin Token (Frpn), Solana (Sol), And Ethereum Will Revolutionize The Cryptocurrency Business (Eth)

0
Blockchain and cryptocurrencies have gained popularity this year. People from all professions are seeking ways to harness blockchain technology and reap its benefits. How...
cryptocurrency

Here The Top 10 Cryptocurrencies To Still Look Forward Amidst The Dip

0
Due to the proliferation of cryptocurrencies, cryptocurrency investors are interested in the volatile cryptocurrency market. Cryptocurrencies are becoming increasingly popular due to their capacity...

Related Stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox