Summer will be hot, especially for crypto miners. While we can expect electricity and energy to be overused in winter compared to the rest of the year, it turns out that summer has also become a period of high demand stress. Air conditioners, fans, and other cooling systems are running at full speed in high temperatures, and the US state of Texas power grid is running at its limit. Bitcoin (BTC) miners have to adjust to this little wiggle room.
Electricity demand in Texas exceeds 80,000 MW!
This summer of 2022 is hot not only in France, the inhabitants of Texas have also been overcome by intense heat, exceeding the norm even for this already arid region of the United States.
Specifically, the Electricity Reliability Council of Texas (ERCOT), which monitors electricity consumption, found several electricity demand records in the Texas power grid during July, Cointelegraph reports.
This demand even exceeded the symbolic 80,000 MW (megawatts) of electricity. High tension situation where ERCOT asked residents and businesses to reduce their consumption. Including, of course, for cryptocurrency miners, in their production.
So, on July 19, according to the CEO of the young crypto-mining company Argo Blockchain, his company had to significantly reduce its bitcoin mining activities that day.
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“Green” crypto farms work better
Cryptocurrency mining companies based on clean energy seem to be far less affected by these tensions in the central grid. According to Frank Holmes, CEO of Hive Blockchain Technology,
The latter explains that their bitcoin and ether (ETH) mining farms are designed to use 100% renewable energy (solar and wind), which, even in the case of Texas, “won’t disrupt the state’s power grid.”
More than ever a kind of “natural selection” between minors. Those operating facilities with low electricity costs due to excess power/waste electricity generation and/or self-sufficient facilities powered by renewable energy are likely to survive anything that impacts cryptocurrency mining. Whether it is a fall in prices on the crypto market or a strong (limiting) voltage in the local power grid.
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