Here’s Why Bitcoin Miners In Texas Are Cutting Down On Power 

June witnessed record-breaking power use levels which occurred due to high temperatures in Texas, posing a challenge for the power grid of the state. 

According to data from the Electric Reliability Council of Texas, the energy demand setting a record for June reached its peak at 72,386 megawatts on Monday, only to break the next day as the demand rose to 72,785 megawatts. On June 23, 2021, the all-time record was 70,257 MW.

Bitcoin miners entering flocking into the state have raised questions regarding the possible result for its grid. ERCOT, in a statement, said that it expects enough production to meet forecasted demand. 

A Bitdeer spokesperson through an email informed that they halted operations on June 7 around late in the day and will continue to do so at the time of monitoring usage on the grid as well as rising temperatures. 

They further said that when power costs reach certain price points that they will power down by using automated triggers. 

Earlier this week, Argo, Bitcoin miner revealed due to various reasons that it had mined 25% less bitcoin in May, including the time it had shut off power because of higher temperatures. 

Peter Wall, the CEO of Argo, in a video posted on Tuesday, said that in terms of higher temperatures, it is likely to be worth around five Bitcoin. The CEO revealed that they, “We voluntarily curtailed a couple of times.” The energy prices increased, then they used that power back to the grid and this happened a couple of times. 

Recently, Riot pointed out that it too would like to halt operations this week as the temperature rises. 

In a video, published by the firm on May 31,  Riot’s chief commercial officer, Chad Harris stated that they are forecasting “100 degrees, 5 days of 100 degrees. (…).” They will turn the power off and during the time that they are utilizing it, it can be used in the grid itself, hence enabling it to support “two or 300 homes in and around our community.”

Harry made this statement while at Whinestone facility of the company. The company is forecasted to reach a total capacity of 750 megawatts when completely developed.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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