So! To give you just a little bit of background. In February 2021, we folks went through a brutal "historic" snow storm. This weather catastrophe would not have been so bad IF our electric grid had held up! It did not! As a result many people were without electric power for a really long time. Speaking for my family, we did not have electricity and water for almost 2 weeks. I heard some of other folks were without power and water for longer than that. Even after the power had been restored their homes and the personal property in those homes were badly damaged or completely ruined because frozen pipes busted and there was water damage all over the place!
Needless to say that after the snow storm, many of the top people who held management positions with ERCOT (the organization responsible for properly managing the electric grid) LOST THEIR JOBS!! OK. Officially, on record, they resigned from their positions. But who are they kidding? We all know that because of that monumental screw-up, they had to go! They had been told that the grid would hold up IF they had made certain preparations, but they chose not to heed the warning, which had been given to them well in advance of this major snow storm.
The winter for February 2022 was much milder. We were very happy about that. But now all the weather people on our local channels are talking about the summer heat!
WILL THE TEXAS ELECTRIC GRID BE ABLE TO HANDLE THE SUMMER HEAT?
Crypto miners to the rescue?
This summer, we have had unusually warm May weather. The meteorologists on all the various local weather stations are advising people to conserve their use of electricity, so that the electric grid will hold out. I guess people are doing this because so far there have not been any major outages.
But here's an interesting note.
There are some cities in Texas that have crypto mining operations. Folks wanted to know if they were going to do their part in conserving energy or were the Bitcoin miners going to be allowed to put a strain on the electric grid and make everybody else suffer!
Crypto miners stepped up to the plate and are doing their part to conserve energy.
Supporters say mining cryptocurrencies in Texas could actually “fix” the electricity grid.
Opponents say, if not planned well, crypto could raise electricity prices for everyone in Texas.
Time will tell who is right!
The Texas politicians have taken a position and decided that cryptocurrency and crypto mining operations are not going away. Governor Greg Abbott Abbott says he wants Texas to be the crypto leader and succeeded in getting crypto-friendly legislation passed. (“Blockstream and Block plan $12M off-grid solar Bitcoin mining farm in Texas” ~ https://protos.com/blockstream-and-block-plan-12m-off-grid-solar-bitcoin-mining-farm-in-texas/)
ERCOT is requiring that Texas miners be registered before being allowed to connect to the Texas grid. (“ERCOT Now Requires Cryptocurrency Miners to Provide Information on Their Impact to the Texas Power Grid | Husch Blackwell LLP – JDSupra” ~ https://www.jdsupra.com/legalnews/ercot-now-requires-cryptocurrency-6065651/)
“With interest surging in digital currencies and the blockchain technology behind them, more and more investors and operators are turning to Texas, lured by its cheap energy and hands-off regulatory approach.” (Quote from: “Texas crypto boom draws investors, jobs, and more power demand” ~ https://www.expressnews.com/politics/article/Investors-are-swarming-to-crypto-in-Texas-Can-17177376.php)
“Blockstream and Jack Dorsey’s Block, formerly Square, are breaking ground on a solar- and battery-powered bitcoin mine in Texas that uses solar and storage technology from Tesla.” (Quote from: “Tesla, Block, Blockstream to mine bitcoin off solar power in Texas” ~ https://www.cnbc.com/2022/04/08/tesla-block-blockstream-to-mine-bitcoin-off-solar-power-in-texas.html
I live in Austin, Texas and this article is a quickie update of what's happening in Texas USA regarding the cryptocurrency industry.
What's happening in your neck of the woods?