Can the Texas Power Grid Survive the Crypto Mining Boom?
BY SONARI GLINTON
In the past year or so, Texas has become a hub for crypto mining. All day long, computers solve complex math equations in order to earn new crypto coins, using a ton of energy.
Mines have been lured to Texas because of the state’s generally low energy prices and lack of regulation. But the Texas power grid though is already fragile, and it’s unclear whether it can handle the extra electrical burden. Last winter, when the state was struck by unusually cold weather, high prices and massive outages left hundreds of residents dead. The debt toll ranges from a government-estimated 246 people to more than 700.
In the past month, a heat wave caused a spike in power demand, pushing the grid close to capacity once again. Residents were warned to conserve power, though the state managed to avoid widespread blackouts this time. As extreme weather due to climate change is pushing the grid to its limits, Texas is welcoming a growing industry that’s entirely dependent on electricity.
On Friday’s episode 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.
https://slate.com/technology/2022/08/crypto-mining-texas-power-grid.html
BitCoin is a stupid investment IMO. Might as well just go to Vegas or play the lottery.
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