On Monday I wrote an article discussing the upcoming power crunch Texas was going to be facing due to another record-setting heat wave hitting almost the entire state at once (if you would like to read it here is the link). While I have been busy at work in DC I finally checked back in since my entire family lives there to see that yes ERCOT has begun paying Bitcoin Miners like Riot Platforms to spin down or turn off their miners. As we all know crypto mining is extremely energy intensive and when ERCOT requests the payout for these companies is often if not more lucrative to agree with ERCOT's request.
With enough power to power 400,000 homes the amount of power being released back to the grid is no small feat and so far so good in terms of the grid. Tuesday was a close call with only a 2% difference between the demand and the supply but more plants were brought online to help fix the issue and prevent a grid collapse. While this heat wave is sadly going to persist for the next week or so it will slightly get better temperature wise and power plants that were undergoing maintenance will be coming online with those scheduled for maintenance being postponed till the weather situation improves.
Given how close it was again Tuesday at just 2% this signals BTC mining successfully assisting the grid. While I hope that we do not have a close call like this in the next week it is really encouraging to see that this help can be provided to the grid almost at the drop of a hat. Keeping houses and businesses running is key to not only the Texas economy but the US economy as a whole so it is great to see this helping!
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