I just renewed a contract for electricity in Texas.

[surfered]

It was 25% higher than last year. I’ve also read in this morning’s paper that ERCOT is warning of possible shortages during August for several reasons: hotter temperatures and less wind for windmills.

Meanwhile Bitcoin mining in Texas uses 2,600 MW of electricity . FYI…..

In June 2021, Abbott signed a new law that established a formal legal definition for virtual currency and set clear rules for businesses handling it, which he described as part of a “master plan” to attract crypto firms to the state. The following November, in an interview with the TBC, Abbott declared his intention to turn Texas into the “centerpiece” of the bitcoin industry.

Great! At least when we’re suffering with no A/C in August, we can be reassured that there’s still plenty of Bitcoin.

[jimfields33]

1. Maybe a moratorium on bitcoin for July and august.

I wonder if the government would go for that. It’s not just Texas but nationwide. The federal government could halt bitcoin until September. It’d be pretty easy to do.

[Think. Again.]

2. I keep waiting for bitcoin to go the way of...

...Beanie Babys.

[Arne]

3. Reminds me of this fiasco,

In 17th century Netherlands, tulips were so valuable and in demand that they actually caused a craze known as “tulip mania.” For years, people were so obsessed with tulips, that they actually traded their valuables and paid thousands of guilder (their previous form of currency) for the flower

[LeftInTX]

4. Yes

[anciano]

6. Exactly

[TwilightZone]

5. Texas has been paying bitcoiners not to mine.

https://www.tpr.org/technology-entrepreneurship/2023-09-06/texas-paid-a-bitcoin-miner-more-than-30-million-to-power-down-during-heat-wave

https://www.texastribune.org/2024/01/03/texas-bitcoin-profit-electricity/

Attracting them to the state and then paying some not to mine is one of the dumber things Abbott has done, and he's done a lot of dumb things.

[surfered]

7. Thank you. I was just getting ready to post that same article. It's insane!

[Upthevibe]

8. surfered............

I'm sorry to hear about what's going on in TX regarding residents receiving electricity. I don't know how inhabitable TX will be in the upcoming years (I'm a native Texan who moved to Los Angeles in 1988 when I was 31). Between the politics and the horrible weather, it's sad to see what's happening.

The weather is, of course, climate change which the conservatives are in denial about. And the politics.....I had hopes that Colin Allred could unseat Ted Cruz but from what I heard and saw while in TX, it looks like there's a very small chance he will (if anyone has other opinions, PLEASE give me your feedback).

As I've posted occasionally, over the past several years I've off and on (to help supplement my substitute teaching income) been working in Dallas at a friends' home (she has a small business, always needs help with paperwork, and we work from her very nice house).

Anyway, I was in Dallas during a horrible storm that hit on May 28th. At the time, my friend was on vacation and out of the country. I was there working but mostly I was there to take care of her dog. We received a tornado warning on our phones at 6 a.m. and I had to grab the precious furry baby and bolt to the laundry room which is the safest place (she had told me) in the house. We were there for around an hour and a-half.

We were out of electricity for six days! I had to stay at a hotel and she didn't want me to take her dog with me to the hotel (she had agreed that if something happened with the power, I could go with the furry baby to a hotel). In the meantime, I'm out the money that I had to put on my card and she hasn't paid me for that or for the work I did. We currently aren't on speaking terms.

Am I correct in my understanding that this is an infrastructure issue and that the politicians are making energy a commodity?

[surfered]

9. To avoid federal regulation, Texas has its own grid.

This means that if there is a shortage, there’s no way to “import” electricity.

[Upthevibe]

10. surfered...........

Last edited Fri Jun 14, 2024, 08:09 AM - Edit history (1)

I'm also just now reading the articles about Bitcoin....Wow....This is worse than I thought....

[surfered]

11. There have been many power outages around the state,

But due to power lines downed by storms. The summer shortage is a lack of generation, combined with an influx of residents.

Years ago , the state deregulated electricity generation so it is all done in the free market. The Transmission is still regulated.

Texas has tried to encourage more generation, but it’s not enough. When the State controlled it, they could plan ahead for increased demand. Now that it’s for profit, pricing determines when new plants are built and they take time.

This is not an expert analysis., but electricity demand is rising and the cost of it will go up.