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Didn't see this coming: Industrial Bitcoin Miners Grind To Halt (TX)
Posted on 7/12/22 at 7:20 am
Posted on 7/12/22 at 7:20 am
"Almost all of Texas’ industrial-scale Bitcoin miners have come to a halt as the state tries to stave off power blackouts amid an intense heatwave, Bloomberg reported on Monday."
"Bitcoin miners, including Riot, Argo, and Core Scientific, have shut down millions of computers in response to the heatwave that is expected to cause blackouts. Those Bitcoin miners were lured to Texas by lower energy bills."
"Some have estimated that as much as 9% of the world’s cryptocurrency computing power is located in Texas, with America’s largest bitcoin mining operation located in the small town of Rockdale, Texas."
So how does this affect the price - if at all?
Industrial Bitcoin Miners Grind To Halt In Texas Amid Energy Shortage
"Bitcoin miners, including Riot, Argo, and Core Scientific, have shut down millions of computers in response to the heatwave that is expected to cause blackouts. Those Bitcoin miners were lured to Texas by lower energy bills."
"Some have estimated that as much as 9% of the world’s cryptocurrency computing power is located in Texas, with America’s largest bitcoin mining operation located in the small town of Rockdale, Texas."
So how does this affect the price - if at all?
Industrial Bitcoin Miners Grind To Halt In Texas Amid Energy Shortage
Posted on 7/12/22 at 7:42 am to tigerpawl
Shoot energy is still cheaper in Texas when you aren't dealing with a heat wave, also because those garbage windmills in Central and West Texas stopped turning. That's the whole reason for the all the blackout articles the last few days...wind power in Texas is currently operating under 10%.
F' Green Energy (especially wind) and the scam it is
F' Green Energy (especially wind) and the scam it is
Posted on 7/12/22 at 7:46 am to tigerpawl
Lol.. I was curious how texas was romancing the miners with our history of electric grid problems…
I actually like the idea of getting them here and figured they would build around wind electricity expansion and put the mining company at the location so they would not have the cost of the power line transmission or on location of natural gas production (close to the fields and pipeline) and again put the miners on location of the conversion of gas to electricity.. assumed that was happening and they were building out independent power generation suppliers and not relying on the texas state infrastructure and management which has proven to be untrustworthy ..
as a resident I do not want the miners using the grid I need for my power.. it is already to undependable , poorly maintained and not upgraded.
I actually like the idea of getting them here and figured they would build around wind electricity expansion and put the mining company at the location so they would not have the cost of the power line transmission or on location of natural gas production (close to the fields and pipeline) and again put the miners on location of the conversion of gas to electricity.. assumed that was happening and they were building out independent power generation suppliers and not relying on the texas state infrastructure and management which has proven to be untrustworthy ..
as a resident I do not want the miners using the grid I need for my power.. it is already to undependable , poorly maintained and not upgraded.
Posted on 7/12/22 at 8:36 am to tigerpawl
This is part of most of those large BTC miner's local and state packages when locating to Texas. In exchange for tax breaks and hiring assistance, they agree to act as a safety valve for ERCOT. Because they are a large power user, and can switch off at a moments notice, they are a huge benefit to power grid systems. They provide a strong demand for steady investment in the grid while at the same time can be the safety plug to turn off immediately with no equipment issues (unlike refineries/chem plants) to increase available capacity in the grid during tight times like yesterday.
quote:Little to nothing
So how does this affect the price - if at all?
Posted on 7/12/22 at 9:03 am to TigerTatorTots
Makes sense for texas but surprised the miner would go for this…profit is from low cost operations of running those miners 24/7…. A few days down is a pretty big hit.
I saw riot come into the state and I think Btbt (?) got shut down in China and was setting up here..
Since a big part of their business is managing energy cost you see them migrate toward places with cool ambient temperatures and sources for low cost energy like building small hydroelectric facilities..
I know a few of the oil companies were kicking around ideas for use if excess gas … sorta like when we use casinghead gas in remote areas to provide energy to our field operations…
I saw riot come into the state and I think Btbt (?) got shut down in China and was setting up here..
Since a big part of their business is managing energy cost you see them migrate toward places with cool ambient temperatures and sources for low cost energy like building small hydroelectric facilities..
I know a few of the oil companies were kicking around ideas for use if excess gas … sorta like when we use casinghead gas in remote areas to provide energy to our field operations…
Posted on 7/12/22 at 10:06 am to Thecoz
quote:They are incentivized heavily for this. I'm fairly sure they come out way ahead overall unless there is a multi week type event.
Makes sense for texas but surprised the miner would go for this…profit is from low cost operations of running those miners 24/7…. A few days down is a pretty big hit.
Posted on 7/12/22 at 11:17 am to Thecoz
My understanding is that they aren't being asked to shut down for a few days, only a few hours. ERCOT was focused on the peak usage times of 2-8pm, with 2-3pm being the most critical hour they were concerned about. Still a loss in productivity but I think they got multiple deal sweeteners to get them to Texas so they are still coming out ahead.
Posted on 7/12/22 at 11:26 am to Thecoz
quote:
as a resident I do not want the miners using the grid I need for my power.. it is already to undependable , poorly maintained and not upgraded.
They use power to generate value, you use it to watch Netflix and keep cool. (humor so dont rage)
Anyway, its not miners fault. Its Texas's fault. Period.
This post was edited on 7/12/22 at 11:26 am
Posted on 7/12/22 at 12:22 pm to tigerpawl
Wen pulse chain ... sir?
Posted on 7/12/22 at 12:25 pm to Thecoz
quote:
A few days down is a pretty big hit.
is it though? This post was edited on 7/12/22 at 12:27 pm
Posted on 7/12/22 at 1:38 pm to tigerpawl
Mining fools gold
Posted on 7/12/22 at 2:04 pm to tigerpawl
Does not affect price. Rates come in 3 "types". Residential, commercial, and industrial. Looking at the chart for Texas see here industrial is 6 cents a kWh, residential is 13 cents a kWh. They pay that low rate, knowing they are first off the grid. Commercial gets kicked off second. That's if the "grid operator" is reducing the demand, if a transformer blows...well, everyone connected to that transformer is SOL.
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