- Texas Licensed Bitcoin miners to halt all Bitcoin mining activities.
- Texas recorded its all-time highest temperature on ten July.
For the last few months, Texas was in the path to becoming a Bitcoin mining capital because of its available natural resources and easy laws regarding Bitcoin mining.
Texas licensed Bitcoin miners paused all their mining activities and are ready to shift energy allocations to one of the renowned energy production and distribution company. Bitcoin miners took the step of turning down the services because of Extreme heat waves in Texas, a continuous downtrend in prices of all sorts of cryptocurrencies, and a crypto winter in the digital world.
Decreasing prices of BTC and crypto forced miners and other firms working in the trading, buying, and selling crypto to halt their services.
According to Bloomberg reports, Texas’s temperature last Sunday, 10th July, was recorded as the highest temperature of the summer season in the last few years. The temperature touched nearly 130 degrees Fahrenheit.
Texas government requested its citizens to preserve more and more energy as much energy as possible because the temperature of Texas was recorded as an all-time high.
According to local media in Texas, Many Bitcoin miners in the country have already freed nearly 1000 megawatts of electricity, which is around one percent of the total consumption rate of Texas.
ALSO READ – Bitcoin Network Finally Crossed 1B
Conclusion
Many other countries have already faced a similar issue of hot heat waves hitting that faced by Texas in the last week. The highest recorded temperature in Texas in the last few decades was around 130 degrees Fahrenheit. Bitcoin Mining has earlier troubled Kazakhstan in the same way. The reason for halting all these mining processes is the declining prices of BTC and other cryptocurrencies in the market. More probably it is believed that in upcoming time price may rise, and things will become usual like before.
Source: https://www.thecoinrepublic.com/2022/07/13/bitcoin-miners-in-texas-ordered-to-pause-all-mining-processes/