TL;DR Breakdown
• ERCOT expects energy agencies in Texas to show their proposals to end electrical problems.
• Crypto miners believe their work could double in the next few years.
Recently Texas asked all crypto miners to be issued a permit to mine BTC. According to reports, this measure will be taken because electricity consumption in the state has increased drastically since the BTC crypto mining operation in 2021.
Since the past week, the company that distributes energy in the territory has been asking public operators to investigate the effects caused by crypto-mining in Texas. The agency says that BTC farms should have a license that allows them to work legally.
Texas and its growing crypto-mining
As one of the major states in the US that embraces decentralized technology, Texas seems to get concerned about the damage crypto miners are doing to the electrical system. These concerns are fueled by expanding existing BTC farms and new crypto companies setting up shops in the state. The electric company in the state, ERCOT, indicates that using energy to mine Bitcoin could continue to grow in the next two years.
Regulatory agencies in Texas say they still don’t understand how the security system could handle so much winter power by 2021. However, this year’s unlikely load will be tolerated because the number of crypto miners farms has increased significantly.
To avoid an electrical catastrophe in the state, the companies that offer the service have devised a regulation system limiting mining farms. Eventually, these agencies in Texas must present the project to ERCOT to await their approval.
Crypto miners’ plans in Texas
According to reports, the crypto miners would double their Bitcoin extraction work for the next two years. This would be one of the most serious problems that electric companies in Texas would face, so they would have to focus on plans within their investigations.
The CEO of the Blockchain project in Texas, Council, said they are starting negotiations with the ERCOT agency so the regulations do not affect their farms. The crypto miners in Texas would be affected by such a restriction, but it would also prevent the operations of more hydrocarbon companies from being processed normally.
Among the ERCOT requests is that any company that consumes over 20 MV per day must report it to the electric agencies in Texas. This measure applies to companies dependent on state energy. But companies with their energy sources will have a broader consumption limit.
In the next few days, the plans established by the energy companies in the state could be announced. ERCOT must accept any project for protecting the energy in the state and thus avoid a catastrophe.
Source: https://www.cryptopolitan.com/crypto-miners-in-texas-could-be-regulated/