Texas has lured crypto miners by saying, “Come use our electricity.”
of What Next: TBD, I spoke with Texas Monthly reporter Russell Gold about crypto mining in Texas and how the state’s power grids will fare against the increased electricity usage. Our conversation has been edited and condensed for clarity.that an industry group estimates 9 percent of all cryptocurrency mining in the world happens in Texas, a number that could reach 20 percent by the end of 2023. But Texas wasn’t always a hub for crypto mining.
We don’t actually know that. We have some companies that have come out and said, “Yeah, we turned off,” Argo, which runs the Helios mine that I visited, said that they thought statewide 1,000 megawatts turned off, but we don’t have transparency. The grid doesn’t disclose that information.
Well, it’s not wrong, but there are two big caveats. First is that it encourages more solar because it increases prices. The second thing that we need to keep in mind is with more crypto comes the risk that it might not respond in time during a crisis. And we might find ourselves back where we were in February of 2021 with rolling blackouts that hopefully this time don’t last three entire days.
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