rypto miners in Texas are being asked to shut down their operations as a heatwave threatens to overload the state's power grid.

Mining is the energy-intensive process by which "nodes" on the blockchain earn cryptocurrency for securing the blockchain network and requires a lot of energy to power the computers that solve complex math problems to earn digital coins.
It is done using powerful computers that consume significant power. The Bitmain Antminer S19 Pro, one of the best models, uses 3,250 W of power.

The Electric Reliability Council of Texas (ERCOT), which manages the flow of electricity for 26 million customers, issued a statement urging people to conserve energy.

"We are closely monitoring system conditions and working with our members to prepare for high demand," said ERCOT President and CEO Bill Magness. "We encourage Texans to conserve electricity today as we expect another hot day tomorrow."

ERCOT said that electricity usage peaked at 78,206 megawatts on July 8, 2022, surpassing a previous high of 77,460 MW three days earlier.

Home of crypto mining companies 

Crypto miners have been moving to Texas in recent months due to the state's cheap and plentiful electricity. However, the heatwave is causing problems for the power grid and has led to calls for them to switch off their operations. 

According to the Bitcoin Energy Consumption Index, Bitcoin miners in the U.S. used about 2,315 gigawatt-hours of electricity in 2020. That is enough to power more than 191,000 homes for a year.

The heat wave is expected to peak on Friday when temperatures are forecast to reach 105 degrees Fahrenheit (41 degrees Celsius). The effects will be felt across the state all week, as high temperatures and humidity combine to create dangerous conditions.

Texas is not the only place where crypto miners are feeling the heat. In China, a lot has also been forced to shut down their operations during a recent heatwave, while others are making plans to do so if the heat wave persists. This is in contrast to last year when a similar weather event caused widespread blackouts across the state.

In Texas, natural gas and wind power are the primary sources of electricity. Coal plants provide about 11% of the state's power, according to ERCOT.

As temperatures continue to rise, crypto miners may have to find other ways to keep their operations cool - or risk being shut down by the state.

With global demand for cryptocurrency growing, it remains to be seen how long the heatwave will last and what impact it will have on the power grid. In the meantime, more miners will likely face similar challenges in the future. As weather patterns become more extreme, they will need to find ways to keep their operations running while avoiding overloading the power grid.

Source: https://beincrypto.com/texas-crypto-miners-switch-off-heatwave-threatens-power-grid/
David Thomas

Jul 12, 2022
Crypto News

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